Kleiner Perkins Raises $1.4 Billion to Back Startups

  • VC firm’s Chairman John Doerr not investing from new funds
  • More cash for late stage startups, less for younger companies

Kleiner Perkins Caufield & Byers has raised more than $1 billion and anointed new leaders to invest the cash.

Kleiner Perkins raised $1.4 billion for two new funds, according to Securities and Exchange Commission filings Wednesday, which listed new general partner Noah Knauf as one of people who will put the money to work.

Longtime partner John Doerr, best known for backing Google and other early hit investments during the 1990s and early 2000s, was not listed as an investor for the new funds, according to the filings. He is no longer a managing member of the venture capital firm and said in March he would become chairman to spend more time coaching younger partners and startup founders.

Knauf joins Ted Schlein, Mary Meeker and Mood Rowghani as a general partner for the $1 billion KPCB Digital Growth Fund III -- a war chest devoted to large, late-stage startups that is $250 million larger than its predecessor, which finished raising money in 2014.

The firm also raised $400 million for an early-stage growth fund called Kleiner Perkins Caufield & Byers XVII, according to the SEC filings. That’s $50 million less than the previous fund of this type, which raised money in 2014. Partners for the latest early-stage fund include Schlein, Beth Seidenberg, Mike Abbott, Eric Feng and Wen Hsieh.

A spokeswoman for Kleiner Perkins declined to comment on the filings.

Kleiner Perkins’ new funds come at a time of contradictions in the venture industry. Valuations for many tech startups are cooling; there have been few acquisitions and just two IPOs in the U.S. Still, endowments, pensions funds and other VC investors continue to plow money into the asset class.

U.S. venture firms collected $13 billion in the first quarter, the largest amount since the go-go days of the first dot-com boom in 2000, according to Dow Jones VentureSource. That pace has remained strong with Andreessen Horowitz raising $1.5 billion and Sherpa Ventures raising $470 million earlier this month.

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