Kleiner Perkins raised $3.5 billion across two new funds, including $1 billion for its 22nd early-stage fund and $2.5 billion for a growth-stage fund, marking a sizable jump from fundraising totals two years prior.

This fundraising comes as part of a broader VC wave, with peers like Thrive Capital, General Catalyst, and Founders Fund also pulling in large growth funds.

The announcement sits within sponsor mentions and promotional content, reflecting a media/aggregator context rather than a standalone narrative.

The firm operates with a lean team of five partners after leadership changes, with Ev Randle leaving for Benchmark and Annie Case shifting from partner to advisory role.

Kleiner Perkins maintains a strong AI tilt, backing early-stage AI bets such as Together AI, Harvey, and OpenEvidence, alongside investments in Anthropic and SpaceX.

The move reinforces Kleiner Perkins' enduring reputation for backing high-growth tech early on, while adapting to a lean organizational structure in today's market.

Past exits and returns, notably gains from Figma’s IPO and Windsurf’s acqui-hire by Google, bolster the appeal of raising new capital.

The fundraising aligns with a broader ecosystem trend as other funds raise substantial growth capital.

Allocations continue to emphasize both early-stage and growth-stage investments, diversifying the portfolio across stages.

Total assets under management rose to over $21 billion following the new fundraising.