TLDR:
- Alternative asset manager Magnetar raised $235 million for an AI fund that invests in early-to-growth stage companies advancing generative AI
- The fund’s investor base includes leading global institutions and strategic partners, targeting companies across the AI stack
Leading alternative asset manager Magnetar recently announced the closing of Magnetar AI Ventures Fund LP, a $235 million venture fund focused on investing in early-to-growth stage companies advancing the generative AI revolution. The fund aims to build on Magnetar’s history of opportunistic investing across the private-public continuum and serving as a long-term partner to portfolio companies. The investor base of the fund includes leading global institutions and strategic partners, such as PEAK6 Strategic Capital and Apex Fintech Solutions, who are anchor investors in the initiative.
Magnetar AI Ventures will target companies operating across the AI stack, including models, infrastructure, and applications across different modalities like text, audio, and visual. The focus will be on companies with differentiated technology and talented management teams. Portfolio companies will benefit from the resources of Magnetar’s institutional platform, financial and operational expertise, and extensive network of relationships in AI/ML and the finance sector.
The fund has partnered with CoreWeave, the AI Hyperscaler, to provide portfolio companies with exclusive access to a dedicated cluster of GPUs and fully reserved high-performance compute (HPC), along with technical expertise and premium support. Magnetar’s Managing Partner, David Snyderman, expressed confidence in the fund’s ability to drive growth for portfolio companies and generate long-term value for investors, citing generative AI as a transformative technology.
Senior Portfolio Manager and Partner at Magnetar, Jim Prusko, highlighted the importance of HPC as the backbone of the AI economy, emphasizing the partnership with CoreWeave to provide resources for building future businesses. PEAK6 Co-Founder and Managing Partner, Jenny Just, expressed excitement about partnering with Magnetar and supporting the next wave of AI advancements through the fund, underlining confidence in Magnetar’s approach and the potential of generative AI.
