Kleiner Perkins secures $3.5 billion across two new funds

On Tuesday, the U.S. venture capital firm Kleiner Perkins announced that it has raised $3.5 billion in fresh capital across two new funds. This total represents a significant increase from the firm’s previous fundraise of $2 billion, which was secured less than two years ago. Founded in 1972, the firm is splitting the newly raised capital to target different stages of business maturity:

• A $1 billion early-stage venture fund, which represents the firm’s 22nd early-stage vehicle.
• A $2.5 billion growth fund designed to back late-stage growth businesses.

The expanded capital pool follows the firm’s recent investments in several fast-growing artificial intelligence startups. Kleiner Perkins has secured early stakes in companies including Together AI, Harvey, and OpenEvidence. The firm is also an investor in the AI startup Anthropic and the aerospace company SpaceX, both of which are expected to IPO this year.

This capital raise places Kleiner Perkins within a broader wave of large-scale fundraises by U.S. venture firms. For context, Thrive Capital recently secured $10 billion in fresh commitments, while General Catalyst is reportedly targeting a similar amount. Meanwhile, an SEC filing—a regulatory document filed with the U.S. government—confirms that Founders Fund has closed $6 billion for its fourth growth vehicle.

The firm is deploying this capital amid recent leadership transitions. Partner Ev Randle recently departed for rival firm Benchmark, while partner Annie Case has transitioned to an advisory role. To support its investment strategy, Kleiner Perkins is leveraging returns from past successes. These include leading a $25 million Series B round in 2018 for the design software company Figma, which went public last year, and the portfolio company Windsurf, which was reportedly acqui-hired—an acquisition completed primarily to recruit talent—by Google last summer.

Why it matters

The capital injection highlights the intense competition among U.S. venture firms to secure stakes in AI-driven growth companies.