Lightspeed Ventures is looking to raise approximately $600 million through a secondary transaction, called Project Mercury, that would extend the firm’s ownership of OpenAI, as well as four other assets, while adding exposure to Anthropic.

The transaction is designed to move a portfolio of investments from Lightspeed’s Select V and Opportunity II funds, along with a separately managed account, into a continuation vehicle, sources told Bloomberg. The structure would allow existing investors to receive cash while giving Lightspeed additional time to benefit from the company’s potential growth.

UBS Group AG is advising the deal, while Coller Capital is the lead buyer for the continuation fund.

Alongside OpenAI, the portfolio includes software technology company Verkada, workforce management platform Rippling, AI startup Reflection AI, and enterprise AI company Glean Technologies, sources noted.

Lightspeed Ventures is a multi-stage venture capital firm focusing on seed-stage, early-stage investments and growth-stage investments in the enterprise, fintech, consumer, and healthcare sectors. The firm manages more than $40 billion in assets.

The company has backed Anthropic through several funding rounds, including the company’s most recent funding, which valued the Claude-maker at $965 billion. Lightspeed has also previously backed other companies including Mistral, Navan, Snap, Wiz and Castelion.

Continuation vehicles and secondary transactions have gained traction in recent months as tougher exit conditions push investors to seek alternative liquidity options.

Evercore data cited manager-led secondary deals at $106 billion last year, up from $70 billion in 2024, with credit’s share rising to 11% from 5% in 2024.

Other recent GP-led secondaries deals include Pantheon Ventures, which led a $3.2 billion private credit continuation vehicle for Crescent Capital.

Last year, Benefit Street Partners closed its $2.3 billion private credit continuationvehicle, led by Coller Capital.

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