Key Takeaways
- • Thrive Eternal, a New York-based permanent capital holding company led by Joshua Kushner (brother of Jared Kushner), has agreed to acquire a minority stake in the San Francisco Giants, subject to MLB approval. This marks Thrive Eternal's first significant investment since its founding and expands the firm's portfolio into sports assets.
- • The Giants ownership group has accelerated private equity recruitment, following a March 2025 sale of 10% equity to Sixth Street Partners (a San Francisco-based PE firm also owning Bay FC in the NWSL). MLB approval remains pending for the Thrive Eternal transaction; specific equity stake percentage and valuation have not been disclosed.
- • Thrive Eternal positions itself as a "permanent capital holding company" focused on acquiring "assets with qualities that cannot be replicated by technology," signaling a strategic pivot toward tangible, long-duration assets despite the firm's origins in venture capital and technology investing.
- • The Giants' investor base now includes Thrive Eternal (pending), Sixth Street Partners (10%), and Arctos Sports Partners (2%), fragmenting ownership among sophisticated institutional investors while Giants president and CEO Larry Baer characterized the Sixth Street deal as the organization's "first significant investment in three decades."
Summary
Thrive Eternal, a New York-based permanent capital holding company founded by Joshua Kushner, has reached an agreement to acquire a minority stake in the San Francisco Giants, pending Major League Baseball approval. Joshua Kushner is the brother of Jared Kushner, son-in-law to President Donald Trump. Kushner announced the partnership on Friday via X, describing it as the firm's first major investment and positioning the Giants as an institution built on "more than a century of shared identity and community."
The Giants confirmed the agreement in a separate statement, declaring they were "thrilled with the prospect of Eternal becoming a long-term partner." The specific equity percentage and transaction valuation remain undisclosed and contingent on MLB league approval. This investment reflects Thrive Eternal's stated strategic expansion into "assets with qualities that cannot be replicated by technology," marking a notable diversification from the firm's historical focus.
The Giants ownership restructuring accelerated following a March 2025 transaction in which Sixth Street Partners, a San Francisco-based private equity firm, acquired 10% of the team. Giants president and CEO Larry Baer characterized that deal as "our first significant investment in three decades," signaling a deliberate shift toward institutional capital participation. Additionally, Arctos Sports Partners, a Dallas-based firm, holds approximately 2% of the Giants while maintaining stakes in the Golden State Warriors, further illustrating the consolidation of sports ownership among specialized investment vehicles.
The succession of private equity acquisitions signals institutional investor appetite for sports franchise equity as an alternative asset class offering stable cash flows, brand value, and long-duration holding periods. MLB's approval process remains the final hurdle for Thrive Eternal's entry into the ownership group, though no regulatory objections have been publicly flagged.
The Giants confirmed the agreement in a separate statement, declaring they were "thrilled with the prospect of Eternal becoming a long-term partner." The specific equity percentage and transaction valuation remain undisclosed and contingent on MLB league approval. This investment reflects Thrive Eternal's stated strategic expansion into "assets with qualities that cannot be replicated by technology," marking a notable diversification from the firm's historical focus.
The Giants ownership restructuring accelerated following a March 2025 transaction in which Sixth Street Partners, a San Francisco-based private equity firm, acquired 10% of the team. Giants president and CEO Larry Baer characterized that deal as "our first significant investment in three decades," signaling a deliberate shift toward institutional capital participation. Additionally, Arctos Sports Partners, a Dallas-based firm, holds approximately 2% of the Giants while maintaining stakes in the Golden State Warriors, further illustrating the consolidation of sports ownership among specialized investment vehicles.
The succession of private equity acquisitions signals institutional investor appetite for sports franchise equity as an alternative asset class offering stable cash flows, brand value, and long-duration holding periods. MLB's approval process remains the final hurdle for Thrive Eternal's entry into the ownership group, though no regulatory objections have been publicly flagged.
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