Menlo: Bet on Anthropic Yielded Record $3B Fund and ~$14B Stake

Friends — quick AI update: Menlo announced a record $3 billion fund following its success with Anthropic.

- In 2024 Menlo committed $750M: $500M via an SPV and $250M from the fund and insiders.
- Menlo's stake in Anthropic is now worth roughly $14B; the firm continued to invest in Series E and F.
- Menlo launched Anthology (initially $100M), now about $250M invested; exits include Graphite and Astrix Security.
- Anthropic warned about unauthorized SPVs and secondary-market activity.

Why it matters: an example of how aggressive strategies and SPVs help VCs retain influence in fast-growing AI.

How do you assess the risks of SPV-backed early-stage bets?

#AI #venturecapital #startups #Anthropic