OpenAI Backer Altimeter Targets More Than $3 Billion for Private Markets Funds

OpenAI Backer Altimeter Targets More Than $3 Billion for Private Markets Funds Altimeter Capital Management, a prominent OpenAI and Anthropic PBC investor, is raising a set of new funds for its private markets investment work. The firm is targeting a $2.5 billion new venture capital fund to back late-stage, pre-IPO companies, according to securities filings and a person familiar with the matter. Altimeter is also in discussions to raise around $800 million to $900 million for a new venture fund that will back a diverse group of younger startups, according to the person, who requested anonymity. Altimeter invested its last growth fund —a $1.6 billion vehicle closed last year — and a $1.5 billion expansion vehicle on financing rounds across the late stage market, including for OpenAI and Anthropic, according to a person familiar with the matter. The firm’s last growth fund backed only seven companies. Other firms, such as Founders Fund, have also deployed their growth funds into a small subset of companies. A spokesperson for Altimeter declined to comment.