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UTIMCO Reports Strong AI Startup Gains Amid Volatility

3/23/2026

41 7 Full Breakdown

Summary

Story summary

UTIMCO reports gains in AI startups, led by Thrive Capital's 2022 fund with an IRR over 126% from early OpenAI investments.
Notable Capital's 2023 fund increased its IRR from -48% to 96%.
Older funds from Notable and HongShan have underperformed.
Positive IRRs reflect valuation mark-ups rather than realized profits, signaling volatility.
Thrive Capital, Notable Capital, and Sequoia Capital did not provide comments on this analysis.

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Story summary

UTIMCO reports gains in AI startups, led by Thrive Capital's 2022 fund with an IRR over 126% from early OpenAI investments.
Notable Capital's 2023 fund increased its IRR from -48% to 96%.
Older funds from Notable and HongShan have underperformed.
Positive IRRs reflect valuation mark-ups rather than realized profits, signaling volatility.
Thrive Capital, Notable Capital, and Sequoia Capital did not provide comments on this analysis.