OpenAI has made changes to its venture capital fund structure, resulting in the removal of Sam Altman, its Chief Executive Officer, as the owner.
The alteration in governance was reflected in a recent filing with the US Securities and Exchange Commission. The OpenAI Startup Fund, which has raised $175 million from partners such as Microsoft, underwent this transformation.
The revision, disclosed in the March 29 filing, was prompted by concerns surrounding Altman’s ownership of the fund. Although marketed as a corporate venture arm, the fund’s unusual structure raised eyebrows.
Altman, who sourced the fund from external limited partners and made investment decisions, did not hold a financial interest in the fund, according to OpenAI.
In a statement, an OpenAI spokesperson clarified that the initial general partner setup was temporary and that the recent change aimed to provide greater clarity.
The control of the fund has been transferred to Ian Hathaway, a partner since 2021, as outlined in the filing, with Altman no longer serving as a general partner.
Hathaway, who has been involved in overseeing the fund’s accelerator program and leading investments in companies like Harvey, Cursor, and Ambience Healthcare, assumes this new role.
Altman’s extensive investment interests outside of OpenAI, including ventures like Worldcoin and Helion Energy, as well as fundraising activities in the Middle East, have previously drawn attention.
However, an independent investigation conducted after Altman’s departure from OpenAI in November found no evidence of wrongdoing regarding product safety or the organization’s finances.
The OpenAI Startup Fund, established in late 2021 to invest in AI startups and projects, reported $175 million in total commitments by May of the following year.
Its portfolio included companies like Descript and Harvey. Despite having external limited partners, including Microsoft, a major OpenAI collaborator, the fund’s unique feature was its ownership by Altman rather than OpenAI or its affiliated nonprofit foundation.
