Lightspeed Venture Partners, a Silicon Valley venture capital firm, is seeking about US$600 million in a secondary deal called Project Mercury.

According to people familiar with the matter, the deal would move stakes in OpenAI and four other assets into a continuation fund, alongside a new commitment to Anthropic PBC.

The vehicle would combine assets from two Lightspeed funds and a separately managed account, letting existing investors cash out or roll over into the new fund, the people said.

It would also extend Lightspeed’s ownership of companies including Verkada, a security technology company; Rippling, a workforce management software firm; Reflection AI, an AI startup; and Glean Technologies, an enterprise search and work assistant platform.

Coller Capital, a London-based private market investor recently acquired by EQT AB, is the lead buyer, while UBS Group AG is advising on the transaction, the people said.

The broader secondaries market reached US$121 billion in the first half of this year, while venture-led deals hit US$35 billion in 2025, about double 2023 levels, according to PJT Partners.

The structure has spread as initial public offerings and mergers and acquisitions remain constrained.

🔗 Source: Bloomberg

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