Lightspeed Venture Partners is pursuing a secondary transaction worth roughly $600 million to extend its holding period in OpenAI and four other assets, while adding a new investment commitment to Anthropic, according to people familiar with the matter cited by Bloomberg. Code-named Project Mercury, the deal involves Lightspeed's Select V and Opportunity II funds along with a separate managed account, rolling the positions into a continuation fund and returning cash to existing investors. Assets expected to be transferred include OpenAI, security-technology company Verkada, workforce-management firm Rippling, AI startup Reflection AI, and enterprise-search platform Glean. Coller Capital is acting as lead buyer for the continuation fund, with UBS serving as adviser. Lightspeed has made multiple investments in Anthropic, including its latest funding round, which valued the company at $965 billion.
Lightspeed Venture Partners is looking to extend its holding period in OpenAI and four other assets through a roughly $600 million secondary transaction, according to people familiar with the matter cited by Bloomberg. The firm is also adding an investment commitment to Anthropic.
The deal, code-named Project Mercury, involves Lightspeed's Select V fund, Opportunity II fund, and a separate managed account. The positions will be rolled into a continuation fund, while existing investors receive cash.
Assets slated for the transfer include OpenAI, security-technology company Verkada, workforce-management firm Rippling, AI startup Reflection AI, and enterprise-search platform Glean.
Coller Capital is acting as lead buyer for the continuation fund. UBS is advising on the transaction.
Lightspeed has previously invested in Anthropic across several rounds, including the startup's latest funding. That round valued Anthropic at $965 billion.
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