OpenAI, the company behind the artificial intelligence chatbot ChatGPT, has removed its CEO Sam Altman as owner and manager of its venture capital fund, according to a filing with the U.S. Securities and Exchange Commission.
The fund that invested in start-ups will now be managed by Ian Hathaway, Axios reported the matter on Monday. Hathaway has been a partner in the fund since its launch in 2021 and has led investments in startups such as Harvey, maker of AI tools for lawyers and language learning app Speak.
Altman is no longer the fund’s general partner.
“As we have previously reported, the initial GP fund structure was an interim arrangement and did not involve any of Sam’s personal investments or financial interests. This change provides greater transparency,” OpenAI told Axios.
The company did not immediately respond to Quartz’s request for comment.
The fund is marketed as a venture capital fund, but its management structure is unique. Traditionally, these types of funds invest the company’s money in startups and are managed by a third party.
In the case of the OpenAI fund, the money was raised by Altman through OpenAI partners – such as Microsoft – and was managed by him. According to the fund’s website, OpenAI is not an investor.
The fund is looking for will invest $175 million in early-stage startups in the fields of “healthcare, law, education, energy and infrastructure, science and more.” According to Axios, the fund currently controls $325 million in gross assets.
Altman, who is known for his massive investments outside of OpenAI – such as fusion energy company Helion Energy and the controversial cryptocurrency Worldcoin – recently cashed in $30 million from Reddit’s IPO in March.
