OpenAI develops frontier models and the consumer and developer products built on them. Our position came through private-bank pre-IPO allocations. We hold it because distribution at consumer scale is the hardest thing in AI to replicate, and OpenAI has it.

This position came to us through a private-bank allocation of existing shares, and we hold it as one investor among many.

We expect to hold this position for many years, through the quiet stretches as well as the busy ones, and we plan around that from the start.