The firm calls the deal Project Mercury, Bloomberg reported, citing people familiar with it.
It gathers assets from two Lightspeed funds, Select V and Opportunity II, plus a separately managed account. OpenAI is the anchor.
Coller Capital is the lead buyer. UBS is advising. Lightspeed did not reply to Bloomberg’s messages and Coller declined to comment.
What a continuation fund actually does
The mechanics matter more than the number, so here they are without jargon. A venture fund has a life, usually about ten years, and at the end it must sell what it holds and hand back the cash.
