OpenAI and Anthropic investor Altimeter Capital Management is preparing two new private funds, with a combined target of more than $3 billion
Bloomberg reported that Altimeter Capital Management, an investor in OpenAI and Anthropic, is preparing two new private funds. One fund has a target size of about $2.5 billion and focuses on later-stage, near-IPO technology companies; the other plans to raise $800 million to $900 million and will invest in earlier-stage, more broadly diversified startups. The combined fundraising target for the two funds is $3.3 billion to $3.4 billion, and the fundraising has not yet been completed. A company spokesperson declined to comment.
According to people familiar with the matter and securities filing documents, Altimeter’s $1.6 billion growth fund raised last year invested in only seven companies. That fund and another $1.5 billion expansion fund participated in later-stage financings including OpenAI and Anthropic.
Original source:
Title: OpenAI Backer Altimeter Targets More Than $3 Billion for Private Markets Funds Publisher: Bloomberg Publication date: 2026-11-10 URL: https://www.bloomberg.com/news/articles/2026-11-10/openai-backer-altimeter-targets-more-than-3-billion-for-private-markets-funds Nature of source: media exclusive report Verification status: Bloomberg’s report was read; the scale and strategy are based on securities filings and people familiar with the matter; the company has not publicly confirmed them, and fundraising has not been completed. Supporting content: the target of a $2.5 billion later-stage fund, discussions of an $800 million to $900 million earlier-stage fund, a combined target of more than $3 billion, and the statement that the prior growth fund invested in seven companies.
ABAB AI Insight
Altimeter’s fundraising this time is aimed at different stages: one fund is focused on later-stage companies nearing an IPO, while the other covers earlier-stage, more diversified targets. This contrasts with its earlier growth fund, which concentrated its investments in a small number of later-stage targets and deployed capital into only seven companies, including OpenAI and Anthropic.
Holding exposure to both OpenAI and Anthropic puts the firm among the main participants in private financing for leading AI companies. As these companies continue to raise capital privately and maintain high valuations, institutions with existing investment channels have a relative advantage in the new fundraising rounds, and outside capital must enter these targets through such channels.
The combined fundraising target exceeds $3 billion, but it is still only at the target and discussion stage; the actual amount raised will depend on limited partners’ commitments. The concentrated allocation in the prior growth fund shows that some institutions are taking a high-concentration strategy in leading AI assets rather than broadly diversifying.
This fundraising comes against a backdrop in which most VC firms are facing exit and fundraising pressure. A small number of institutions that already hold shares in leading AI companies can still attempt large-scale fundraising, reflecting the scarcity of channels to access top-tier assets rather than a general easing of the startup financing environment.