Thrive Capital has launched Thrive Eternal, a permanent capital holding company that will invest in a small number of long-term assets, starting with a proposed ownership stake in the San Francisco Giants.

Joshua Kushner, founder of the New York-based venture capital firm, said in a post on X that Thrive Eternal will focus on assets the firm can “own and steward over many decades.”


The post read that the agreement to acquire a stake in the Major League Baseball team is subject to league approval.

The Wall Street Journal reported Friday that the investment will be a minority, non-controlling stake in the Giants, citing a person familiar with the matter.

Thrive Eternal will sit alongside Thrive Capital and Thrive Holdings. The move marks a fresh expansion for Thrive, which is best known for technology investments. The firm has backed companies including OpenAI, Instagram, Wiz and Databricks, and earlier this year raised $10 billion for its latest fund.

Kushner said the new vehicle will target “iconic franchises and cultural institutions” that are rooted in tradition, identity and shared experience. He said the Giants would be the first partnership under the strategy.

The financial terms of the proposed Giants stake were not disclosed.