OpenAI has restructured the governance of its venture capital fund, which supports AI startups, resulting in its prominent CEO, Sam Altman, no longer possessing ownership or control over the fund. This adjustment, detailed in a filing with the US Securities and Exchange Commission (SEC) dated March 29, was prompted by concerns surrounding Altman’s ownership structure of the OpenAI Startup Fund.
Although marketed similarly to a corporate venture arm, Altman raised the fund from external limited partners and made investment decisions. OpenAI clarified that despite his ownership, Altman does not hold a financial interest in the fund.
Axios was the first to report on the ownership alteration on Monday. According to a statement from an OpenAI spokesperson, the initial general partner (GP) structure of the fund was deemed a temporary arrangement and and “this change provides further clarity.”
The OpenAI Startup Fund, fueled by $175 million from partners such as Microsoft, operates independently of OpenAI’s direct investment. The fund’s management has transitioned to Ian Hathaway, a partner since 2021, as outlined in the filing.
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Sam Altman will no longer serve as a general partner. OpenAI noted Hathaway’s oversight of the fund’s accelerator program and his involvement in investments in companies like Harvey, Cursor, and Ambience Healthcare.
Altman, previously associated with startup accelerator Y Combinator, has faced scrutiny for his diverse investment portfolio beyond OpenAI, including ventures like crypto startup Wordcoin and fusion company Helion Energy, as well as fundraising endeavors in the Middle East.
OpenAI stated that an independent investigation conducted after Altman’s sudden departure from the company in November found no evidence of wrongdoing concerning product safety or OpenAI’s financial matters.
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