(Reuters) - Thrive Capital, owned by entrepreneur Joshua Kushner, said on Thursday it had raised $2 billion for a pair of early and late-stage funds, making it the largest fundraise for the venture capital firm. Thrive, which has backed online brokerage Robinhood and grocery delivery app Instacart, was founded in 2009 by Kushner, the brother of former U.S. President Donald Trump’s son-in-law Jared Kushner. About $500 million of Thrive’s new capital will be reserved for early-stage investments, while the rest will be earmarked for late-stage bets as part of Thrive VII. The latest fundraise is twice the amount New York-based Thrive raised in 2018 for its sixth flagship fund, which at the time was its largest. Thrive’s fundraise comes in the middle of a boom for high-growth tech startups whose valuations have soared, forcing a number of top-tier venture capital firms to raise more capital. New investments have become more expensive, even as the value of the firms’ existing bets have surged. According to PitchBook data, U.S. venture capital firms raised a record $73.6 billion in 2020. VC firm TCV raised $4 billion for its 11th fund last month, making it the biggest fund in its 25-year history. Earlier this month, Palo Alto-based Sapphire Ventures and San Francisco-based Top Tier Capital Partners also raised $1.7 billion and $1.2 billion, respectively, in new funds. Over the years, Thrive has backed the likes of lending startup Affirm Holdings, gaming platform Unity Software Inc and insurance startup Lemonade Inc, all of which had massive stock market debuts last year. Thrive, which manages $9 billion in assets, has also invested in Patreon, a digital platform for artists. Robinhood, Instacart and Patreon are all lining up blockbuster IPOs this year.