Overview

• OpenAI has restructured its venture capital fund, removing CEO Sam Altman as owner and manager, following concerns over its unique governance.
• Ian Hathaway, a partner since 2021, has taken over control of the fund, which invests in early-stage AI startups and boasts a $325 million gross asset value.
• The fund, backed by Microsoft among others, aims to support startups in sectors like healthcare, law, and education, with a particular focus on underrepresented founders.
• Altman's removal follows an independent investigation into his investments and activities, which concluded without finding any wrongdoing.
• The change aims to provide clarity and resolve the unusual corporate structure that allowed Altman to raise and control the fund independently of OpenAI.