VC firm Thrive raises $700m for fifth fund

The fast-growing venture capital firm co-founded by Joshua Kushner – whose brother Jared is Donald J. Trump’s son-in-law – raised almost double the $400m it secured in 2014, and will now be managing almost $1.5 billion in assets.

New York-based start-up investor Thrive Capital has closed its fifth fund on target at $700 million, according to a filing with the Securities and Exchange Commission.

The firm targets internet and software companies – its start-up investments include brands now globally known, such as Instagram and Twitch – and is led by Joshua Kushner, an entrepreneur from a prominent New York family; his father is real-estate developer Charles Kushner, and his brother Jared, son-in-law of presumptive Republican presidential nominee Donald J. Trump, is publisher of the New York Observer newspaper. 

With its latest fundraising, Thrive will be managing almost $1.5 billion in assets. The firm's latest fund, Thrive Capital Partners V, is almost double the size of its previous fund, which also met its target when it raised $400 million in 2014. Both Fund IV and V share similar strategies of investing in technology companies in various stages and geographical regions. Fund IV's limited partners include Princeton University Investment Co. and the Wellcome Trust, according to PEI Research and Analytics. Thrive did not report which limited partners invested in the fund that closed on Monday, according to the SEC filing.

Kushner founded Thrive Capital in 2009. 

Thrive has made several high-profile investments: in 2012 the firm, along with Sequoia Capital and Greylock Partners, invested in Instagram's $50 million series B funding round three days before it sold to Facebook for approximately $1 billion. Thrive is also an early-stage investor in New York-based eyeglass retailer Warby Parker.

In addition, Thrive invested in three rounds of funding for healthcare insurance platform Oscar Insurance, which Kushner co-founded.