OpenAI is the only investor in its latest venture fund

On 27 August, OpenAI was launching the second Start-up Enterprise Fund, which was financed from its own balance sheet. An associated agency of the ChatGPT developer submitted documents to the United States Securities and Exchange Commission on Wednesday, indicating that it had completed the fund-raising of the $400 million two-phase fund. OpenAI established its first initial fund in 2021 to raise $175 million. The initial funds came entirely from external investors such as Microsoft, and OpenAI itself did not contribute. A speaker from OpenAI confirmed that the $400 million fund was fully funded by OpenAI. This shift was made possible by the success of the First Fund, which invested in Cursor, which was acquired by SpaceX this month, and Harvey, a start-up firm of Legal Aid. Under the structure of the First Fund, OpenAI may receive a portion of the return on investment, but the bulk of the economic gain is enjoyed by limited partners。