Thrive Capital Takes Stake in San Francisco Giants

On April 24, 2026, Thrive Capital, the Latest York-based venture capital firm founded by Joshua Kushner, announced it has agreed to purchase a minority, non-controlling stake in the San Francisco Giants. The investment marks the first deployment of capital from Thrive Eternal, the firm’s newly launched permanent capital vehicle focused on long-term investments in sports franchises and cultural institutions that cannot be replicated by artificial intelligence.

Background on the Investment

The stake was acquired from the Giants’ existing ownership group, which includes more than 30 principal partners. Prior to this transaction, the Giants had already welcomed two private equity investments: Arctos Sports Partners in 2021 and Sixth Street in 2025. The funds from the Sixth Street investment were previously used to finance upgrades at Oracle Park, the team’s home stadium.

Thrive Capital confirmed that the investment remains subject to approval by Major League Baseball, a standard requirement for any change in ownership structure within MLB franchises.

Thrive Eternal and Strategic Rationale

Thrive Eternal was introduced by Joshua Kushner as a strategic shift from the firm’s traditional venture capital model, which typically seeks exits via IPOs or acquisitions. Instead, Thrive Eternal is designed to hold a small number of assets indefinitely, with an emphasis on stewardship over decades. In announcing the fund, Kushner described it as a “permanent capital holding company that will be concentrated in a small number of assets that we can own and steward over many decades.”

The Giants represent Thrive Eternal’s inaugural investment. The firm cited the team’s enduring cultural significance, its deep community roots in the San Francisco Bay Area, and the non-replicable nature of live sports experiences as key factors in the decision. This aligns with Thrive Eternal’s broader thesis: that certain cultural and experiential assets will grow in value as advances in artificial intelligence increase demand for authentic, human-centered experiences.

Involvement of Bob Iger

Former Walt Disney CEO Bob Iger, who rejoined Thrive Capital in an advisory capacity in April 2026 after a brief stint as a venture partner in 2022, is expected to play an active role in guiding Thrive Eternal’s strategy. Iger’s expertise in managing global entertainment and sports franchises positions him as a key advisor as the firm expands into sports ownership.

Thrive Capital’s Investment History

Thrive Capital is widely recognized for its early-stage investments in high-growth technology companies. Its portfolio includes notable stakes in OpenAI, Instagram (prior to its acquisition by Meta), Spotify, A24, and SKIMS. More recently, the firm has backed companies such as Databricks, the AI-powered coding assistant Cursor, and cybersecurity firm Wiz, which was acquired by Google in a $32 billion deal in March 2026—the largest acquisition in Google’s history.

The Giants investment marks Thrive’s first direct foray into professional sports ownership, signaling a diversification beyond its traditional focus on technology and consumer startups.

Ownership Structure and Governance

The San Francisco Giants operate under a unique ownership model compared to most MLB teams. Rather than a single controlling owner, the franchise is governed by a consortium of over 30 principal partners, many of whom are Bay Area business leaders and long-time stakeholders. Minority owners include Buster Posey, the team’s former star catcher and president of baseball operations, who acquired his stake in 2023.

As a minority, non-controlling investor, Thrive Capital will not have voting control over team operations or major decisions such as player acquisitions, stadium modifications, or relocation. Instead, its influence will be exercised through board participation and strategic advisory rights, consistent with other private equity partners in the ownership group.

Market Context and Trends

The Giants’ decision to bring in Thrive Capital reflects a broader trend in professional sports, where franchises are increasingly turning to private equity and venture capital to liquidate portions of ownership while raising capital for infrastructure, player development, and operational expenses. Since 2020, more than a dozen MLB teams have welcomed private equity investments, including the Boston Red Sox (RedBird Capital), New York Mets (Steve Cohen via private equity pathways), and Texas Rangers (Sixth Street and L Catterton).

What distinguishes the Thrive Eternal partnership is its explicit rejection of traditional exit-oriented investing. By framing the Giants stake as a permanent holding, Thrive signals confidence in the long-term resilience of sports franchises as cultural institutions—even in an era of accelerating technological change.

Conclusion

Thrive Capital’s investment in the San Francisco Giants represents both a milestone for the firm and a potential inflection point in how sports franchises approach long-term capital partnerships. As the first investment from Thrive Eternal, the deal underscores a strategic pivot toward permanent capital allocation in assets deemed resistant to disruption by artificial intelligence. While financial terms were not disclosed, the partnership brings together a Silicon Valley–rooted venture firm with one of baseball’s most storied franchises, uniting innovation-driven investing with enduring sporting tradition.

Subject to MLB approval, the transaction is expected to close in the second quarter of 2026, after which Thrive Capital will join the Giants’ ownership group as a minority partner with a focus on sustained value creation over decades.