Kleiner Perkins doubles down on AI with $3.5B new fund

Kleiner Perkins, the prominent U.S. venture firm, announced on Tuesday that it has raised $3.5 billion in fresh capital across two funds, marking a notable increase from the firm’s $2 billion fundraise less than two years ago.

The firm, which was founded in 1972, said it raised $1 billion for its 22nd early-stage venture fund and $2.5 billion for a separate vehicle focused on backing late-stage growth companies.

The larger pool of capital comes as no surprise. In recent years, Kleiner Perkins has secured early investments in several rapidly growing AI startups, including Together AI, Harvey, and OpenEvidence. The firm is also an investor in Anthropic and SpaceX, both of which are widely expected to go public this year.

At a time when exits have been relatively limited, Kleiner Perkins has still managed to generate meaningful returns. The firm benefited from Figma’s IPO last year, for which it led a $25 million Series B round in 2018. It also reportedly achieved a solid return when its portfolio company Windsurf was acquired by Google last summer.

Known for its early and successful bets on Amazon and Google, Kleiner Perkins now operates with a relatively small team of just five partners. The firm has experienced recent leadership changes: Ev Randle departed to join rival firm Benchmark. At the same time, Annie Case moved from a partner role to an advisory position, according to a company spokesperson.

Kleiner Perkins is part of a broader trend of large-scale fundraising among venture capital firms. Thrive Capital has recently raised $10 billion in new commitments, while General Catalyst is reportedly targeting a similar amount. In addition, an SEC filing confirmed earlier reporting that Founders Fund has closed $6 billion for its fourth growth-focused investment vehicle.