OpenAI investor Altimeter plans to raise more than $3 billion for private equity fund

Altimeter Capital Management, an existing backer of OpenAI and Anthropic, is raising a series of new private-market funds, including a $2.5 billion late-stage venture vehicle and a roughly $800–900 million fund targeting a more diversified pool of younger startups, per SEC filings and people familiar with the plans reported by Bloomberg. The firm's prior growth fund closed last year at $1.6 billion, alongside a $1.5 billion expansion fund, both of which participated in late-stage rounds including OpenAI and Anthropic. The raise signals continued institutional appetite for pre-IPO AI exposure even as valuations at the top of the market stay elevated. What to watch next: the final closes on both vehicles and whether Altimeter's new diversified fund marks a shift beyond concentrated bets on a handful of frontier AI labs.