Mukesh Ambani, other global billionaires buy stake in Kushner’s Thrive

 Agroup of global billionaires worth at least $123 billion are buying a stake in Thrive Capital, the venture-capital firm founded by Josh Kushner. India’s Mukesh Ambani, Brazil’s Jorge Paulo Lemann and France’s 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 per cent stake in Thrive.

“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. 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. Its total assets under management reached $15 billion last year.

Thrive has repurchased the stake sold to Goldman Sachs and the stake held by the new syndicate is the same, Thrive said on Medium. The Wall Street Journal first reported details of the stake sale. The investment represents a collection of some of the richest people from across the globe.