Magnetar, an alternative asset manager, closed Magnetar AI Ventures Fund, a $235 million venture fund that invests in early-to-growth stage companies advancing the generative AI revolution. The fund’s investor base is comprised of global institutions and strategic partners, including PEAK6 Strategic Capital and Apex Fintech Solutions, the anchor investors in this initiative.
Magnetar AI Ventures will target companies operating across the AI stack, including models, infrastructure and applications, as well as across modalities, including text, audio and visual, focusing on companies with differentiated technology, execution-oriented management teams and demonstrable business traction.
“We believe generative AI will reshape the future. The creation of this fund solidifies our commitment to advancing innovative AI solutions and supporting the bold entrepreneurs catalyzing this technological revolution,” David Snyderman, managing partner of Magnetar, said. “As we continue to identify compelling investment opportunities and deploy capital, we are confident in our ability to help drive growth for our portfolio companies while generating long-term value for our investors.”
The fund has contracted with CoreWeave, the AI Hyperscaler, to provide portfolio companies with exclusive access to a dedicated cluster of GPUs and fully reserved high-performance compute. In addition, portfolio companies will have access to technical expertise and premium support.
“As AI rapidly advances toward widespread adoption, and demands on infrastructure intensify, it has become clear that HPC is the backbone of the AI economy,” Jim Prusko, senior portfolio manager and partner at Magnetar, said. “We’re excited to deepen our partnership with CoreWeave to provide our portfolio companies with the HPC and resources necessary to build the businesses of the future.”
“We’re thrilled to partner with Magnetar as a significant investor to support the next wave of AI advancements,” Jenny Just, co-founder and managing partner of PEAK6 and chairman of Apex Fintech Solutions, said. “Through this fund, portfolio companies will be able to solve financial and technical needs in one stop. Our investment underscores both our confidence in Magnetar’s approach and our conviction in the transformative potential of generative AI.”
