Greylock Raises Fund, Hires Reid Hoffman
Big day over at Greylock Partners, which has closed a new fund, hired a big-name new partner and agreed to move its East Coast office from staid Waltham to trendy Cambridge. Fund XIII came in at $575 million, which is significalty higher than the $500 million Greylock raised for its twelfth fund in 2006. Partner Bill Hellman says the added capital was the result of existing investors requesting more than their pro rata shares. Greylock doesn't take pre-determined management fees -- it operates on year-to-year budgets -- which might help explain why liquidity-drained LPs were ready to open their pocketbooks for Greylock. Greylock also announced that LinkedIn co-founder and executive chairman Reid Hoffman has signed on as a partner. LinkedIn is a Greylock portfolio company, having first raised money from the firm as part of a $10 million Series B round in 2004.
