Key Takeaways
- • Great Things, the family office of Nutrafol co-founder Giorgos Tsetis, commits at least 20% of annual net realized profits to philanthropy, according to Tsetis.
- • Over the past 18 months, the firm has invested nearly $40 million and committed about $7 million to nonprofits through gifts and pledges, according to Tsetis.
- • A seven-times return on Anthropic over 18 months through a secondary exit underpins the firm's rapid realized gains, per Tsetis.
- • Tsetis expects to deploy another $60 million over the next two years if investment pace holds; decisions rest with Tsetis and partner Roman Kalantari.
- • The firm is shifting toward late-stage, liquidity-focused AI investments with durable value propositions, citing expected AI sector correction risk.
Summary
Great Things, the family office of Giorgos Tsetis, co-founder and former CEO of hair-growth supplement maker Nutrafol, is designed to deploy capital quickly rather than over generational horizons. According to Tsetis, the firm backs high-growth startups at a rapid pace and allocates at least 20% of annual net realized profits to philanthropy. Over the past 18 months, the firm has invested nearly $40 million and committed about $7 million to nonprofits through gifts and pledges. Tsetis told CNBC that the AI boom has enabled quick profit realization, including a seven-times return on Anthropic in 18 months via a secondary exit.
Tsetis formally launched Great Things nearly a year ago after selling his remaining stake in Nutrafol to Unilever at a $3.5 billion valuation. According to Gabriel Cooperman, Tsetis' financial advisor and a managing director at UBS Wealth Management who helped structure the family office, the 20% giving minimum was inspired by venture capital and private equity economics. Cooperman described the approach as turning the profit-sharing interest into a charitable-sharing interest. A donor-advised fund acts as a buffer when annual investment profits do not cover charitable commitments. Great Things typically makes three- to five-year pledges, supporting organizations including an after-school boxing academy in the Bronx and Every Cure, which repurposes existing drugs to treat rare disease.
The firm is becoming more cautious on AI. Tsetis said Great Things is far less bullish on AI startups than before and is prioritizing late-stage rounds for liquidity. Partner Roman Kalantari, a former chief experience and technology officer at Nutrafol, warned that a slowdown or correction in AI is likely. Great Things is favoring companies with durable value propositions built on their own technology rather than on OpenAI or Anthropic models. Lila Sciences, which the firm recently reinvested in, fits that profile, according to Kalantari, as it has its own AI model and builds automated robotic labs.
The firm is still working out how to reconcile return-focused investing with its impact commitments. Its portfolio includes Polymarket, the prediction-market startup Tsetis described as controversial. Tsetis said the firm chose to participate to test whether it can generate significant returns and direct them to causes it believes in, while monitoring developments. Because Great Things does not plan to hold investments long term, it can exit Polymarket via the secondary market relatively quickly. Tsetis acknowledged that adding a traditional impact-investing lens could make the model harder to scale.
Tsetis formally launched Great Things nearly a year ago after selling his remaining stake in Nutrafol to Unilever at a $3.5 billion valuation. According to Gabriel Cooperman, Tsetis' financial advisor and a managing director at UBS Wealth Management who helped structure the family office, the 20% giving minimum was inspired by venture capital and private equity economics. Cooperman described the approach as turning the profit-sharing interest into a charitable-sharing interest. A donor-advised fund acts as a buffer when annual investment profits do not cover charitable commitments. Great Things typically makes three- to five-year pledges, supporting organizations including an after-school boxing academy in the Bronx and Every Cure, which repurposes existing drugs to treat rare disease.
The firm is becoming more cautious on AI. Tsetis said Great Things is far less bullish on AI startups than before and is prioritizing late-stage rounds for liquidity. Partner Roman Kalantari, a former chief experience and technology officer at Nutrafol, warned that a slowdown or correction in AI is likely. Great Things is favoring companies with durable value propositions built on their own technology rather than on OpenAI or Anthropic models. Lila Sciences, which the firm recently reinvested in, fits that profile, according to Kalantari, as it has its own AI model and builds automated robotic labs.
The firm is still working out how to reconcile return-focused investing with its impact commitments. Its portfolio includes Polymarket, the prediction-market startup Tsetis described as controversial. Tsetis said the firm chose to participate to test whether it can generate significant returns and direct them to causes it believes in, while monitoring developments. Because Great Things does not plan to hold investments long term, it can exit Polymarket via the secondary market relatively quickly. Tsetis acknowledged that adding a traditional impact-investing lens could make the model harder to scale.
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