Key Takeaways
- • Kleiner Perkins confirmed it has raised a new $3.5 billion across new funds, with a primary focus on AI investments, according to Fortune's Term Sheet coverage.
- • The raise is larger than the "slightly larger" round Fortune had reported earlier in the year, and it follows the firm's 2024 round that included the $825 million KP21 early-stage fund and the $1.2 billion KP Select III.
- • Kleiner has raised more than $6 billion across several funds in the Mamoon Hamid and Ilya Fushman era, per Fortune's reporting.
- • One supplemental report describes $1 billion allocated to a 22nd early-stage fund, while another describes the raise as spanning two new funds.
- • Fortune characterizes the fundraise as evidence that LPs view AI as a core allocation theme, even as overall VC fundraising remains subdued.
Summary
Kleiner Perkins has raised a new $3.5 billion, the firm confirmed this week, according to Fortune venture capital reporter Allie Garfinkle. Fortune had reported earlier in 2026 that Kleiner was raising additional capital, citing a source familiar with the matter, and expected the round to be slightly larger than the firm's 2024 round. The final figure of $3.5 billion exceeds that expectation. Kleiner declined to comment on the earlier reports.
The raise is positioned around the AI boom. Fortune notes that Kleiner's AI investments include Harvey, Harmonic, Safe Superintelligence, Anthropic, and Applied Intuition. Supplemental coverage describes the capital as spanning new funds with $1 billion dedicated to a 22nd early-stage fund, and characterizes the raise as one of the larger bets by a legacy venture firm on AI. One report notes that the raise came at a time when overall VC fundraising remains subdued, which it attributes to limited partners viewing AI as a must-have allocation.
The fundraise is also a marker of the firm's turnaround under Hamid and Fushman. Fortune reports that the firm has raised more than $6 billion across several funds in the current era. Hamid joined Kleiner in 2017, a move that drew significant skepticism from peers at the time, according to Fortune's earlier profile. Fortune's broader argument is that most venture firms fade rather than reinvent themselves, and Kleiner's ability to raise capital at this scale is presented as an exception.
The raise is positioned around the AI boom. Fortune notes that Kleiner's AI investments include Harvey, Harmonic, Safe Superintelligence, Anthropic, and Applied Intuition. Supplemental coverage describes the capital as spanning new funds with $1 billion dedicated to a 22nd early-stage fund, and characterizes the raise as one of the larger bets by a legacy venture firm on AI. One report notes that the raise came at a time when overall VC fundraising remains subdued, which it attributes to limited partners viewing AI as a must-have allocation.
The fundraise is also a marker of the firm's turnaround under Hamid and Fushman. Fortune reports that the firm has raised more than $6 billion across several funds in the current era. Hamid joined Kleiner in 2017, a move that drew significant skepticism from peers at the time, according to Fortune's earlier profile. Fortune's broader argument is that most venture firms fade rather than reinvent themselves, and Kleiner's ability to raise capital at this scale is presented as an exception.
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