Josh Kushner

Our last institutional fund that we raised was about $3 billion. But the strategies have been exactly the same. The only things that have changed are the team, the scale of the brands, the knowledge and insights of the people within the organizations.

Our last institutional fund that we raised was about $3 billion. But the strategies have been exactly the same. The only things that have changed are the team, the scale of the brands, the knowledge and insights of the people within the organizations.

The opportunistic strategy that we've laid out to our limited partners was seen as unconventional. So the sequencing of making sure that every fund had essentially the right ingredients to the cocktail that we ultimately wanted to create took time. Thrive 2 was our first institutional fund. It was $40 million. But in that fund, we had our first incubation at Oscar.

The opportunistic strategy that we've laid out to our limited partners was seen as unconventional. So the sequencing of making sure that every fund had essentially the right ingredients to the cocktail that we ultimately wanted to create took time. Thrive 2 was our first institutional fund. It was $40 million. But in that fund, we had our first incubation at Oscar.

We led the Series A of Warby Parker. And we invested in Instagram. That was fund two. Fund two. Yeah. At a half a billion dollar valuation. Fund three had multiple incubations as well. Quite a few early stage investments. But we also invested in Twitch and Spotify at the later stages as well.

We led the Series A of Warby Parker. And we invested in Instagram. That was fund two. Fund two. Yeah. At a half a billion dollar valuation. Fund three had multiple incubations as well. Quite a few early stage investments. But we also invested in Twitch and Spotify at the later stages as well.

I think fund four was the first time where we not only did everything that we did, but we started to develop our frameworks for concentration. So in that fund, we had about a 15% position in GitHub. about a 10% position in Slack, 10% in Stripe, 10% in Unity. And then we invested in BenchLink and Lattice at the seeds, but we ultimately built those up into about 10% positions over time.

I think fund four was the first time where we not only did everything that we did, but we started to develop our frameworks for concentration. So in that fund, we had about a 15% position in GitHub. about a 10% position in Slack, 10% in Stripe, 10% in Unity. And then we invested in BenchLink and Lattice at the seeds, but we ultimately built those up into about 10% positions over time.

And then we also incubated Cedar in that fund as well. So I think that was the first time that we weren't only doing everything, but we started to develop clarity that it's not only about investing at every stage and in every geography and in every sector, but also being extremely disciplined investors.

And then we also incubated Cedar in that fund as well. So I think that was the first time that we weren't only doing everything, but we started to develop clarity that it's not only about investing at every stage and in every geography and in every sector, but also being extremely disciplined investors.

around almost doing a lot, but not doing a lot, and making sure that ultimately the things that we wanted in the portfolio were ones that we were extremely concentrated in, that we wanted to hold for a very long period of time.

around almost doing a lot, but not doing a lot, and making sure that ultimately the things that we wanted in the portfolio were ones that we were extremely concentrated in, that we wanted to hold for a very long period of time.

Everything always seems simple in retrospect, but I think our view at that time was there was this mismatch in terms of at the earliest stages and the later stages in that no one was creating and no one was also investing at later stages.

Everything always seems simple in retrospect, but I think our view at that time was there was this mismatch in terms of at the earliest stages and the later stages in that no one was creating and no one was also investing at later stages.

And our ability to actually beat out traditional later stage funds as a result of our product and strategy orientation at the later stages was something that we were taking advantage of that time because the competition was

And our ability to actually beat out traditional later stage funds as a result of our product and strategy orientation at the later stages was something that we were taking advantage of that time because the competition was

was mostly coming from mutual funds, blending down towards privates and our ability to kind of approach what we believed to be these category defining businesses at the later stages and deploy meaningful amounts of capital into them. for what we believe to be attractive prices, even though they were seen as later stage at that time, was something that we were indexing towards.

was mostly coming from mutual funds, blending down towards privates and our ability to kind of approach what we believed to be these category defining businesses at the later stages and deploy meaningful amounts of capital into them. for what we believe to be attractive prices, even though they were seen as later stage at that time, was something that we were indexing towards.

We have specific points of views on this, but I think it would be unfair to say that the other views that others have are incorrect. What works well for us might not work well for other people. I think the most important framing that we have internally, as I expressed earlier, is Thrive is a company. We have a product.

We have specific points of views on this, but I think it would be unfair to say that the other views that others have are incorrect. What works well for us might not work well for other people. I think the most important framing that we have internally, as I expressed earlier, is Thrive is a company. We have a product.