Lightspeed is planning to raise $600 million for its secondary fund, doubling down on investments in OpenAI and Anthropic.

August 12th, according to Bloomberg, Lightspeed Venture Partners is seeking to raise approximately $600 million through secondary transactions to expand its investment exposure to OpenAI and other artificial intelligence companies, and to make additional investments in the AI model company Anthropic.

According to sources familiar with the matter, the internal codename of Lightspeed's fundraising transaction is "Project Mercury," involving multiple secondary funds under Lightspeed, including the Select V Fund, Opportunity II Fund, and a portion of assets in a separate managed account. Lightspeed aims to provide liquidity to investors through secondary market transactions while continuing to maintain a long-term hold on leading companies in the AI field.