Reliance Industries Ltd (RIL) chairman Mukesh Ambani is joining a group of global billionaires to buy a stake in Thrive Capital, the venture-capital firm founded by Josh Kushner, Bloomberg reported.
Thrive Capital was founded in 2009 by Kushner, the younger brother of former US President Donald Trumps son-in-law Jared Kushner.
The group consists of global billionaires worth at least $123 billion, said the report.
Mukesh Ambani, Brazils Jorge Paulo Lemann and Frances Xavier Niel will join KKR Co. co-founder Henry Kravis and Walt Disney Co. Chief Executive Officer Robert Iger in investing $175 million to purchase a 3.3% stake in Thrive, the Bloomberg report stated.
These extraordinary operators have built storied institutions, achieved geographic preeminence, ushered beloved brands to even greater heights, and pioneered entirely new industries, Thrive said in a statement on Tuesday posted on Medium.
Ambani is the worlds 12th richest person, with an $84.7 billion fortune, according to the Bloomberg Billionaires Index.
The deal values Thrive at $5.3 billion, up from $3.6 billion in 2021, when it sold a stake to a unit of Goldman Sachs Group Inc., according to a spokeswoman for New York-based Thrive, said the report.
Its total assets under management (AUM) reached $15 billion last year, it said.
According to the Bloomberg report, Thrives has invested in firms including Oscar Health Inc., Compass Inc., Affirm Holdings Inc., Opendoor Technologies Inc., Unity Software Inc., Hims Hers Health Inc. and SKIMS, an underwear company created by Kim Kardashian.
