Thrive Capital is raising $300 million from California Public Employees' Retirement System, adding a marquee investor at a time when venture investors are finding it harder to raise money, according to a person with direct knowledge of the matter.
The addition of CalPERS, which manages $463 billion, marks the pension plan’s first investment in a flagship fund raised by the New York venture capital firm founded by Josh Kushner. Rather than launch a new fund, Thrive is adding the CalPERS investment to its eighth fund launched in early 2022, which raised $2.5 billion for growth investments.
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