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Leaked Thrive deck: $26.8B in AUM as of June 30, 2025, deal value peaked in Q4 2021, positive DPI for four early funds, including 2.4x for 2016's Thrive V, more

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A leaked investor deck reveals Josh Kushner's Thrive Capital has $26.8 billion in assets under management (AUM) as of June 30, 2025. The document highlights strong performance metrics, including a 2.4x distributed to paid-in capital (DPI) for its 2016 fund (Thrive V), indicating successful exits and capital returns to investors. Deal value appears to have peaked in the fourth quarter of 2021, suggesting a strategic shift or a slowdown in new investments following market highs. The deck, reportedly used for a $10 billion fundraising round, provides a rare glimpse into the performance of the secretive venture capital firm, which has backed notable tech companies like OpenAI, Stripe, and Databricks. The positive DPI for early funds underscores Thrive's ability to generate returns, though recent markups may mean current AUM figures are understated. This information is significant for limited partners (LPs) evaluating venture capital fund performance and for competitors assessing market strategies.

Key Details

Thrive Capital's investor deck showcases $26.8 billion in AUM as of mid-2025, with a peak in deal value during Q4 2021. The firm achieved a notable 2.4x DPI for its 2016 fund, Thrive V, demonstrating robust capital repatriation for early investors. This performance data, while potentially undercounting recent gains due to subsequent markups, offers a transparent view into a firm known for its discretion. The firm's investment portfolio includes high-profile companies such as OpenAI, Stripe, and Databricks, positioning Thrive as a significant player in the venture capital landscape.

The market implications of this leak are substantial for limited partners (LPs) seeking to assess venture capital fund performance and for general partners (GPs) benchmarking their own strategies. A 2.4x DPI is a strong indicator of successful investment execution and exit capabilities, particularly in a market environment that has seen valuation corrections since the 2021 peak. Thrive's ability to consistently generate positive DPI across multiple early funds signals a mature and effective investment strategy, which is highly attractive to LPs.

Technically, the DPI metric is critical as it measures the actual cash returned to investors relative to their invested capital, a more concrete measure of success than paper valuations. Thrive's performance suggests strong operational oversight and deal-making acumen. The decline in deal value post-2021 indicates a potential strategic pivot towards more conservative deployment or a response to the broader market downturn, a trend observed across the venture capital industry. Investors will be keen to understand how Thrive's strategy has evolved in the current climate.

Moving forward, attention will focus on Thrive's current fundraising momentum following the $10 billion announcement and how its stated 'multi-stage strategic philosophy' translates into future investments. The market will watch if the firm can maintain its strong DPI track record with newer vintages, especially given the challenging exit environment. Further transparency on its portfolio performance beyond these leaked slides will be crucial for sustained investor confidence and competitive positioning.

Leaked

Covered by: techmeme

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