[OpenAI is the Sole Investor in Its Latest Venture Fund] According to a report by Jinse Finance on August 27, OpenAI is launching its second startup fund, with the funding sourced from its own balance sheet. An affiliated entity of the ChatGPT developer filed documents with the U.S. Securities and Exchange Commission on Wednesday, indicating that it has completed fundraising for a $400 million second-phase fund. OpenAI previously established its first startup fund in 2021, raising $175 million. The funding for the first fund came entirely from external investors such as Microsoft, with no contribution from OpenAI itself. A spokesperson for OpenAI confirmed that the $400 million fund is entirely funded by OpenAI. The reason for this shift is the success of the first fund, which invested in companies such as Cursor, acquired by SpaceX this month, and legal AI startup Harvey. Under the structure of the first fund, OpenAI could receive a portion of the investment returns, but the majority of the economic benefits were enjoyed by the limited partners.