Mukesh Ambani is one of the billionaires to invest in Thrive Capital

A group of global billionaires with a combined wealth of at least $123 billion is investing in Josh Kushner's venture capital company, Thrive Capital. Mukesh Ambani of India, Jorge Paulo Lemann of Brazil, and Xavier Niel of France will contribute $175 million to buy a 3.3% share in Thrive, joining co-founders Henry Kravis and Robert Iger of the Walt Disney Co. and KKR & Co.

“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.

Ambani is the world’s 12th richest person, with a $84.7 billion fortune, according to the Bloomberg Billionaires Index. Lemann, with a net worth of $21.1 billion, is Brazil’s wealthiest individual. Kravis is worth $9.5 billion and Niel has an $8.1 billion personal fortune, according to the index.

“A lot of these folks have been involved in my life for quite a bit of time," Kushner, 37, said in an interview with the Journal. “Now they actually have a vested stake in the firm’s success."

Thrive was founded in 2009 by Kushner, the younger brother of Jared Kushner, the son-in-law of former President Donald Trump who served as a senior White House adviser under his administration.

It 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.

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