Kleiner Perkins Raises $3.5B Across Two AI Funds, Its Largest Raise in Over a Decade
TL;DR
Kleiner Perkins has raised $3.5 billion across two new vehicles: KP22, a $1 billion early-stage fund, and KP Select IV, a $2.5 billion growth fund. The raise, up 75% from its $2 billion effort less than two years ago, cements KP's pivot to an AI-first thesis. With early positions in Together AI, Harvey, OpenEvidence, and Anthropic already generating momentum, the firm is betting that the current AI super-cycle still has enormous runway at both the seed and scale-up stages.
Key Takeaways
KP's comeback arc is now undeniable. After a bruising decade of missed returns and leadership turnover, Kleiner Perkins has quietly rebuilt into one of the most relevant firms in AI venture. Raising $3.5B, up from $2B just 18 months prior, signals that LPs are rewarding the turnaround with real capital, not just headlines.
The two-fund structure reflects where AI value is accruing. Splitting the capital into a $1B seed/early vehicle and a $2.5B growth vehicle is a deliberate acknowledgment that the biggest AI outcomes require both early conviction and massive follow-on capacity. Firms without growth funds risk getting diluted out of their own winners.
LP appetite for AI exposure remains insatiable. Pension funds, endowments, and sovereign wealth funds that struggled to get allocation to top-tier AI-focused managers are driving this oversubscription. KP is one of a small number of firms with a genuine AI portfolio to point to, not just an AI narrative.
This raise intensifies the AI funding arms race. With Andreessen Horowitz at $15B, Founders Fund near $6B, and now KP at $3.5B, the concentration of AI-focused venture capital in a handful of mega-firms is accelerating. Smaller AI-focused funds will face even stiffer competition for the best deals.
Fund Overview
Fund Name: KP22 (early-stage) and KP Select IV (growth)
Fund Size: $3.5 billion total ($1B + $2.5B)
Stage: Seed to growth
Check Size: Not disclosed; likely $5-25M early, $50-200M+ growth
Geography: US-centric, global scope
Focus: AI-first across software, healthcare, transportation, and autonomy
Key LPs: Institutional LPs including pension funds, endowments, and sovereign wealth funds
Why This Fund Matters
Kleiner Perkins' trajectory over the past five years is one of the most compelling turnaround stories in venture capital. The firm that once defined Silicon Valley, backing Google, Amazon, Genentech, and Netscape, spent much of the 2010s adrift. Cleantech losses, failed social and mobile bets, and internal upheaval left the brand diminished. The departure of several high-profile partners and a string of underwhelming fund vintages had many in the industry writing KP's obituary.
The current leadership, anchored by Mamoon Hamid and Ilya Fushman among others, made a decisive bet on AI well before the ChatGPT moment. Early investments in Anthropic (which is now expected to IPO this year alongside SpaceX), Together AI, Harvey, and OpenEvidence have given the firm a portfolio that rivals any AI-focused investor in the world. That portfolio proof is what is driving LP conviction behind a $3.5B raise.
The growth fund at $2.5B is particularly telling. As AI companies scale faster than any prior generation of startups, having growth capital to lead Series B through pre-IPO rounds in-house is becoming table stakes for top-tier firms. KP Select IV positions Kleiner to stay on cap tables from seed to public markets.
This raise also highlights how rapidly AI is reshaping venture economics. The $3.5B is not just a bet on AI as a technology sector, it is a bet that AI will transform every industry KP has historically invested in, from healthcare to transportation to enterprise software. That horizontal thesis differentiates KP from more narrowly focused AI funds.
The Team
Kleiner Perkins' current roster includes Mamoon Hamid (previously at Social Capital, known for backing Slack and Figma), Ilya Fushman (ex-Kleiner, ex-Index Ventures), Bucky Moore (enterprise and developer tools), and several other partners with deep AI and SaaS experience. The firm was founded in 1972 by Eugene Kleiner and Tom Perkins, and its legacy portfolio reads like a history of Silicon Valley.
Early Portfolio
KP's recent AI bets include Together AI (open-source AI infrastructure), Harvey (AI for legal), OpenEvidence (AI for clinical medicine), Anthropic (frontier AI models), and SpaceX (aerospace). Earlier fund vintages also include Figma (acquired by Adobe for $20B, later unwound), and Rippling (HR/IT platform). The firm's ability to identify AI-native companies early has been the cornerstone of its renaissance.
What This Means for Founders
If you are building an AI-native company at the pre-seed through Series A stage, KP22 should be on your target list. The firm's brand still carries enormous weight with downstream investors and acquirers, and their LP network provides enterprise distribution that few seed funds can match. The sweet spot is founders applying AI to large, regulated industries like healthcare, legal, financial services, and transportation.
For growth-stage AI companies (Series B+), KP Select IV offers a serious alternative to the usual suspects like Tiger Global or Coatue. KP brings operational depth and a board-level engagement model that pure growth capital shops typically do not. Founders who want a partner, not just a check, at the growth stage should take the meeting.
Fund Momentum Take
This is the raise that officially closes the book on Kleiner Perkins' lost decade. The firm is no longer trading on legacy, it is trading on a portfolio that is generating real markups in the hottest sector in technology. The 75% jump in fund size from the prior vintage is not LP inertia, it is a genuine vote of confidence.
The risk? The same one every mega-fund faces: can a firm deploying $3.5B in AI maintain the discipline and selectivity that made its recent vintages work? History is littered with venture firms that scaled AUM faster than they scaled judgment. KP's track record in the current cycle suggests they have the team to manage it, but the next 3-4 years will be the real test.
Our bet: KP is a top-5 AI venture franchise globally, and this raise will be remembered as the moment the market fully recognized it. If even one of Anthropic, Together AI, or Harvey reaches a $50B+ outcome, the fund economics on KP22 and Select IV will be extraordinary.
Frequently Asked Questions
How much did Kleiner Perkins raise in total?
Kleiner Perkins raised $3.5 billion across two funds: $1 billion for KP22 (early-stage) and $2.5 billion for KP Select IV (growth).
What sectors does Kleiner Perkins focus on?
The firm is AI-first but invests broadly across software, healthcare, transportation, autonomy, and enterprise infrastructure where AI is a core enabler.
How does this compare to Kleiner Perkins' previous fund?
This $3.5B raise is 75% larger than the firm's prior $2 billion fundraise completed in mid-2024, reflecting strong LP demand driven by AI portfolio performance.
What notable companies has Kleiner Perkins backed recently?
Recent investments include Anthropic, Together AI, Harvey, OpenEvidence, and SpaceX, all of which have seen significant valuation growth.
Is Kleiner Perkins open to international investments?
Historically US-centric, KP invests globally where exceptional AI-native founders emerge, though the bulk of deployment is in North American companies.
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