Thrive Capital founder Joshua Kushner announced on Friday the launch of Thrive Eternal, a capital holding company that will acquire a minority, non-controlling stake in the San Francisco Giants as its first major partnership. 

Kushner said in a post on X that Thrive Eternal will seek to acquire and steward “assets with qualities that cannot be replicated by technology. Iconic franchises and cultural institutions rooted in tradition, identity, and shared experience. In a world shaped by abundant intelligence where creation scales and distribution fragments, we believe they will matter even more.”

The company, Kushner added, “will be concentrated in a small number of assets that we can own and steward over many decades.”

Kushner praised the Bay Area Major League Baseball team as “an institution built on more than a century of shared identity and community, and among the most iconic sports franchises in America.”

With the acquisition, Thrive Eternal becomes the third private equity firm to have a stake in the team, joining Arctos Sports Partners and Sixth Street, which collectively have a 12% stake.

The announcement came days after Kushner announced that former Disney CEO Bob Iger, who briefly joined Thrive Capital before returning to Disney following the board’s ouster of Iger’s successor, was rejoining the VC as an advisor.