Lightspeed aims to expand its holdings of assets including OpenAI and increase its investment in Anthropic through a $600 million deal.

Huo Xing Finance reports, according to Bloomberg citing sources, Lightspeed Venture Partners is seeking to extend its holding period for OpenAI and four other assets through a secondary transaction worth approximately $600 million, while also making a new investment commitment in Anthropic. Internally referred to as “Project Mercury,” the transaction involves Lightspeed’s Select V and Opportunity II funds, along with a separately managed account, transferring the relevant investments into a continuation fund and returning cash to existing investors. In addition to OpenAI, the assets slated for transfer include cybersecurity firm Verkada, workforce management company Rippling, AI startup Reflection AI, and enterprise search platform Glean. Coller Capital is serving as the lead buyer for the continuation fund, with UBS acting as transaction advisor. Lightspeed has previously invested in Anthropic across multiple rounds, including its most recent financing, which valued Anthropic at $965 billion.