Lightspeed Venture Partners plans to extend its holdings of OpenAI and other assets through a $600 million secondary transaction, and increase its holdings in Anthropic

According to Bloomberg, Lightspeed Venture Partners is seeking to extend the holding period of OpenAI and four other assets through a secondary transaction of approximately $600 million, and increase its investment commitment to Anthropic. The internal code for this transaction is Project Mercury, involving two funds under Lightspeed, Select V and Opportunity II, as well as an independent management account. The related investments will be transferred to the Continuation Fund, while returning cash to existing investors. In addition to OpenAI, the assets to be transferred also include Verkada, Rippling, Reflection AI, and Glean.