OpenAI's venture capital fund that invests in AI firms has changed its governance structure, and its high-profile CEO, Sam Altman, no longer owns or controls the fund.
The adjustment, detailed in the March 29 filing, came after Altman's ownership of the OpenAI Startup Fund aroused concerns about its odd structure. While billed as a corporate venture arm, Altman financed the fund from outside limited partners, and he made investment choices. Despite his fund ownership, OpenAI has said that Altman has no financial stake in it.
Axios initially reported on the ownership shift on Monday. A spokesman for OpenAI stated that the fund's inaugural general partner (GP) structure was a temporary arrangement, and "this change provides further clarity."
The OpenAI Startup Fund invests $175 million raised from OpenAI partners such as Microsoft. However, OpenAI is not an investor.
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According to the filing, control of the fund has been transferred to Ian Hathaway, a partner since 2021. Altman will no longer be a general partner in the fund.
OpenAI claimed Hathaway oversaw the fund's accelerator program and led investments in Harvey, Cursor, and Ambience Healthcare.
Altman, a former president of startup accelerator Y Combinator, has already received attention for his extensive investment portfolio outside of OpenAI. This portfolio includes crypto firm Worldcoin and fusion business Helion Energy, as well as fundraising operations in the Middle East.
OpenAI stated that an independent inquiry into Altman's abrupt dismissal from the business last November found no misconduct regarding product safety or OpenAI's finances.
