VC firms rarely reinvent themselves. Kleiner Perkins did—and has a new $3.5 billion to show for it

History has weight, and few know that better than the team at Kleiner Perkins. 

Throughout 2025, I spent several days inside Kleiner Perkins, interviewing partners, portfolio companies, and firm leads Mamoon Hamid and Ilya Fushman about the legendary VC firm’s unlikely turnaround. 

I was the first journalist they’d opened up to in the better part of a decade. The history of venture capital is filled with firms that mattered once, but failed to enter a new era. Generally speaking, VC firms don’t turn around—they fade. Not so for Kleiner. During the course of reporting, I caught wind that Kleiner was out raising more capital, something that they confirmed this week, revealing the firm has raised a new $3.5 billion. 

As I wrote then: The firm has raised more than $6 billion in capital across several funds in the Hamid-Fushman era, and is currently raising more capital, a source familiar with the matter says. (Kleiner declined comment.) The rumored new round is expected to be slightly larger than Kleiner’s last round in 2024, which included the $825 million KP21 fund focused on early-stage investments and the $1.2 billion KP Select III, aimed at “high-inflection deals” (basically, follow-ons and deals with startups Kleiner has built relationships with).

Since I was reporting at the beginning of this........

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