Kleiner Perkins has raised $3.5 billion in new capital to invest in artificial intelligence-driven companies, reinforcing its position as a major player in venture capital as investor appetite for AI continues to accelerate. The capital includes $1 billion allocated to its twenty-second early-stage fund and $2.5 billion earmarked for growth-stage investments targeting high-inflection, category-defining businesses.
The fundraising increases the firm’s total assets under management to more than $21 billion and reflects a broader market shift toward AI as a dominant investment theme across sectors such as software, healthcare, transportation, and autonomy. Venture firms have been competing aggressively to back leading AI companies, with multi-billion-dollar funds becoming more common despite ongoing concerns about valuations and the potential for an AI-driven bubble.
Kleiner Perkins has a long history of backing transformative technology companies and has built exposure to major names including Stripe, Databricks, and Waymo, along with AI-focused companies such as Anthropic. The firm has also benefited from recent liquidity events, including the IPO of Figma and the sale of portfolio company Windsurf, positioning it to deploy fresh capital into the next wave of AI innovation.
The firm’s latest funds are designed to support both early-stage startups and more mature, capital-intensive AI businesses, allowing Kleiner Perkins to invest across the full company lifecycle. The strategy also reflects the firm’s emphasis on maintaining a relatively small investment team, enabling selective investments and deeper engagement with portfolio companies.
While the fundraising was initially reported by Bloomberg, Kleiner Perkins has also confirmed the raise through a LinkedIn post announcing its KP22 fund and associated growth capital, highlighting its continued commitment to partnering with founders at key moments of company formation and scale.
KEY QUOTES
“For more than 50 years, Kleiner Perkins has partnered with founders at moments of inflection. Today we’re proud to announce KP22, our twenty-second venture fund: $1 billion to back early-stage companies, alongside $2.5 billion in growth funds to back high-inflection, category-defining businesses. A moment like this is where the most enduring companies take root. Deep founder relationships and hands-on support matter more than ever, and we believe in lean investment and portfolio operating teams that work on founder time to deliver exactly that. We’re so grateful to the founders and LPs who have trusted us over the years. We couldn’t be more excited to partner with the next generation of history-making companies.”
Kleiner Perkins in a statement
