Thrive Capital Launches Permanent Fund, Plans Giants Stake

Thrive Capital, a New York-based venture firm, has launched Thrive Eternal, a permanent capital holding designed to own a small number of long-term assets, according to The Economic Times. The new entity plans to acquire a minority stake in Major League Baseball team the San Francisco Giants, subject to league approval, marking the firm’s expansion beyond its core technology investments.

Thrive Eternal’s Strategic Focus

Founder Joshua Kushner stated on X that Thrive Eternal will focus on assets the firm can own and manage over decades, targeting iconic franchises and cultural institutions. The Giants stake would serve as the fund’s first partnership. Thrive is known for backing OpenAI, Instagram, Wiz, and Databricks, and raised US$10 billion for its latest fund earlier this year.

Giants Valuation and Competitive Interest

Financial terms for the Thrive Capital stake were not disclosed. A 2024 offering for a minority stake in the San Francisco Giants valued the team at approximately US$4 billion, according to reports. The club has already attracted other financial buyers: Sixth Street, a private equity firm, purchased 10% of the team in 2025, though terms were not disclosed.

Sports Investing Returns and Fundamentals

Sports teams have demonstrated consistent long-term value appreciation. The Ross-Arctos Sports Franchise Index reports annualized returns of 13.2% for teams in the National Basketball Association (NBA), National Football League (NFL), Major League Baseball (MLB), and National Hockey League (NHL) over the past 20 years.

Sports teams appeal to investors for several reasons: the limited supply of franchises constrains competition, and revenue forecasting is often more predictable due to long-term media-rights deals. This contrasts with traditional venture capital strategies, which typically pursue faster exits from startup investments.

Venture Capital’s Shift Toward Permanent Holdings

Thrive’s move into sports ownership through its permanent-capital vehicle reflects a broader trend among some venture capital firms seeking steadier, long-term returns outside the technology sector. Thrive Eternal is specifically structured to hold a small group of assets for the long term, distinguishing it from traditional venture capital funds that prioritize faster liquidity events.