Lightspeed plans to extend its holdings in assets like OpenAI through a secondary transaction of approximately $600 million and increase its investment in Anthropic

According to Bloomberg, citing informed sources, Lightspeed Venture Partners is seeking to extend its holding period for OpenAI and four other assets through a secondary transaction of approximately $600 million, along with a new investment commitment to Anthropic.

The transaction, codenamed "Project Mercury," involves Lightspeed's Select V and Opportunity II funds, as well as an independently managed account, transferring the related investments into a continuation fund while returning cash to existing investors.

In addition to OpenAI, the assets to be transferred include security technology company Verkada, workforce management company Rippling, AI startup Reflection AI, and enterprise search platform Glean. Coller Capital is acting as the lead buyer for the continuation fund, while UBS serves as the transaction advisor. Lightspeed has invested in Anthropic multiple times, including its latest financing round, which valued Anthropic at $96.5 billion.