Josh Kushner Is Richer Than Trump After Billionaires Back His Firm

 

Henry Kravis, Mukesh Ambani, and Jorge Paulo Leman are the latest investors in Kushner’s Thrive Capital, which has a net worth of $3.7 billion.

Wan Kushner amassed a multi-billion dollar fortune after some of the world’s most famous billionaires bought shares in his investment firm is not.

Josh Kushner, 37, has made a number of successful venture investments since founding his Thrive Capital in 2009. But his older brother Jared, who married Donald Trump’s daughter Ivanka and served as a senior adviser in his father-in-law’s administration, has long been in the spotlight.

That may change. Jared later founded the $3 billion investment management firm Affinity Partners, which was primarily funded in Saudi Arabia, and Josh’s Thrive is about five times that size.

And now, according to a Thrive spokesperson, Thrive is a billionaire who has received his $175 million investment from Mukesh Ambani, Jorge Paulo Lemann, Xavier Niel, Henry Kravis and Robert Iger.

According to Bloomberg’s Billionaire Index, Josh’s fortune stands at $3.7 billion, more than Trump’s $2.6 billion. Jared and Ivanka listed assets from his $206 million to his $803 million on their final financial disclosure forms before leaving office.

This investment is noteworthy for several reasons. For one thing, Thrive’s billionaire backers value the company at about a third of its $15 billion AUM. That’s a higher rate than some of Kravis’ own companies, including his KKR & Co. Less than 10% of $471 billion in assets under management.

Moreover, this comes after a slowdown in the tech sector hit venture capital hard last year. Successful portfolio companies, including the publicly traded Nu Holdings Ltd and Robinhood Markets, as well as the tightly held Instacart, have all seen their valuations plummet.

Still, Thrive, where he raised more than $3 billion in two funds last year, is likely to raise a sizeable sum, said Kyle Stanford, senior venture capital analyst at PitchBook.

“They are competing with funding from very well-known brands such as Sequoia, Andreessen Horowitz and Index Ventures,” he said. “They’ve obviously positioned themselves very well.” His

Thrive in the billions isn’t his $5 million, which Kushner raised in his first round of funding right after graduating from Harvard. Far away. Although relatively small, it was enough for Thrive to make a name for itself with investors.

One of his first big wins was when he acquired his $500 million stake in Instagram in April 2012, days before the social media company was acquired by Facebook for his $1 billion. That’s what I did.

Thrive was also early for Stripe, a payments company where he is still worth $63 billion even after cutting valuations.

Not all bets were successful. Thrive was a major supporter of Oscar Health Inc., a medical technology company that Kushner co-founded.

Originally published at https://businessdor.com on January 25, 2023.