Lightspeed Venture Partners is seeking about $600 million through a secondary financing to extend its holdings in OpenAI and four other assets, while adding a new investment commitment in Anthropic. According to PANews, the transaction is internally codenamed Project Mercury and involves Lightspeed's Select V and Opportunity II funds, along with one separately managed account.

The assets to be moved into a continuation fund include OpenAI, security technology company Verkada, workforce management company Rippling, AI startup Reflection AI, and enterprise search platform Glean. The deal would transfer the related investments into the continuation fund and return cash to existing investors.