26 Apr 2026 08:00
Thrive, the investment firm founded by Joshua Kushner, known for early investments in OpenAI and SpaceX, has reached an agreement to buy a minority stake in the San Francisco Giants baseball team, Kushner announced on Friday. This is the first investment from Thrive Eternal’s new subsidiary, which is focused on investing in cultural assets.
The investment, which requires approval from Major League Baseball, represents a minority, non-controlling stake, reports the Wall Street Journal (financial details were not disclosed).
Thrive Eternal, starting with this investment, will function as a holding company with no defined term of exit from the investment, focused on franchises and cultural institutions that the firm believes cannot be replaced by technology.
Former Disney executive Bob Iger, who rejoined Thrive as an advisor on Thursday, is expected to play a significant role in Thrive Eternal, Bloomberg reports.
In a post on the X Network, Kushner described the strategy as a bet that cultural assets will become more valuable as technology and artificial intelligence advance, a new direction for the firm known for its technology investments.
Thrive is one of the largest outside investors in OpenAI, and has also invested in Instagram, Stripe, Databricks, programming startup Cursor and cybersecurity firm Wiz, which Google bought last month for $32 billion in the largest acquisition in its history.
Forbes estimates that the San Francisco Giants will generate $477 million in revenue in the 2025 season and be worth around $4 billion, making them the fifth most valuable MLB team.
Key background
Thrive is the umbrella brand of Kushner’s investment empire, which includes Thrive Capital — a fund focused on big tech investments — and Thrive Holdings, a sustainable capital platform launched last year to acquire and grow traditional businesses like HVAC and plumbing services with the help of AI.
Thrive Capital manages about $25 billion in assets and earlier this year raised more than $10 billion for its largest fund to date, including $9 billion in large, late-stage investments and $1 billion in early-stage investments.
The firm was founded in 2010 with an initial five million dollars in capital from General Catalyst co-founder Joel Cutler. While it has traditionally been focused on technology, in recent years it has been broadening the strategy – its 2024 lead investment in independent film studio A24 heralded a direction now formalized through Thrive Eternal.
Forbes estimate
Kushner, the younger brother of President Trump’s son-in-law, Jared Kushner, has an estimated fortune of $5.2 billion, largely thanks to his 66% stake in Thrive Capital.
In 2012, he co-founded the health startup Oscar Health, which went public in 2021. He is married to model Karlie Kloss, founder of the Kode With Klossy organization, and is the son of real estate magnate Charles Kushner, who became the US ambassador to France in May 2025.
Broader trend
This investment comes at a time of great inflow of institutional capital into sports. All major US professional leagues now allow private equity funds to buy minority stakes – MLB made it possible in 2019, followed by the NBA, NHL and MLS, while the NFL allowed it in August 2024.
Among the big funds that invest in sports are Sixth Street (Boston Celtics, New England Patriots, San Francisco Giants), Ares Management (Miami Dolphins, Chelsea FC, Inter Miami), RedBird Capital (AC Milan, Fenway Sports Group – owner of the Red Sox and Liverpool) and Silver Lake (portfolio of 48 minor league baseball teams through Diamond Baseball Holdings and Endeavor Group, owner of WWE/UFC).
In February, KKR announced the acquisition of sports investment firm Arctos Partners in a deal worth $1.4 billion.
Alicia Park, Forbes
Billionaire Josh Kushner’s Firm Invests In San Francisco Giants—Its First Sports Bet
