Jack Altman just pulled off what might be Silicon Valley's fastest major fundraise of 2025. The Lattice co-founder and brother to OpenAI CEO Sam Altman closed a $275 million second fund for Alt Capital in just seven days - nearly doubling his debut fund size and signaling red-hot investor appetite for AI-focused early-stage deals.
The venture capital world just witnessed something extraordinary. Jack Altman, co-founder of the $3 billion HR software company Lattice, closed a $275 million fund for his firm Alt Capital in what he told The Wall Street Journal was exactly one week from start to finish.
This isn't just about speed - it's about the market's ravenous appetite for access to AI deals through proven operators. Altman's first fund, raised in early 2024, was $150 million according to SEC filings. The 83% increase to $275 million signals institutional investors are betting big on his ability to spot the next wave of enterprise AI winners.
The Altman family has become Silicon Valley's most connected investing dynasty. While Jack builds his early-stage empire, his brother Sam runs OpenAI as the world's most valuable AI startup. Meanwhile, their brother Max co-founded Saga Ventures, which raised its own $125 million fund in 2024. It's a trifecta of influence across the AI ecosystem that few families can match.
Jack's track record speaks for itself. His first fund deployed into about 20 early-stage companies, including David AI - a Y Combinator graduate building datasets for speech models - and Owner.com, the unicorn restaurant software maker. These aren't random bets; they're calculated plays on vertical AI applications where Jack's enterprise software experience from Lattice provides genuine insight.
The one-week fundraise reveals something crucial about today's venture market. Limited partners aren't just investing in Jack Altman's deal flow - they're buying access to the broader OpenAI ecosystem. While Sam isn't an LP in this fund according to the WSJ, the family connections create natural deal sourcing advantages that institutional investors recognize as invaluable.
Timing matters too. Jack stepped back from the CEO role at in 2024 while remaining chairman, freeing him to focus entirely on Alt Capital just as the enterprise AI market exploded. His founder experience building a $3 billion company gives him credibility with entrepreneurs that pure-play VCs often lack.
