Kleiner Perkins raises $3.5bn for AI-focused funds

Kleiner Perkins has raised $3.5bn in new capital to back artificial intelligence-driven companies, with $1bn allocated to its 22nd early-stage fund and $2.5bn earmarked for growth-stage investments, according to a report by Bloomberg.

The fundraising brings the venture capital firm’s total assets under management to just over $21bn, reinforcing its position as one of the largest players in the US venture market. The strategy reflects increasing investor focus on AI as a dominant theme across private markets, spanning sectors including software, healthcare, transportation and autonomy.

Kleiner Perkins has built exposure to a number of high-profile technology companies, including Stripe, Databricks and Waymo, as well as AI-focused businesses such as Anthropic. The firm has also benefited from recent liquidity events, including the IPO of Figma and the sale of portfolio company Windsurf.

The raise comes amid intensifying competition among venture firms targeting AI opportunities. Recent months have seen peers such as Thrive Capital and General Catalyst pursue multi-billion-dollar fundraising efforts, underscoring strong capital flows into the sector despite ongoing concerns around valuation levels and the potential for an AI-driven bubble.

Kleiner Perkins told Bloomberg that its relatively small investment team allows it to remain selective while maintaining close engagement with portfolio companies. The firm has also continued to invest across stages, backing both early-stage startups and larger, capital-intensive AI businesses.

Looking ahead, the firm is positioning itself to benefit from a potential wave of exits, with companies including Anthropic, OpenAI and SpaceX widely expected to pursue public listings. Industry estimates suggest such IPOs could collectively generate more than $100bn in proceeds.