Kleiner Perkins eyes $1.4bn for two new funds

The VC firm is targeting $1bn for its third digital growth fund and $400m for its 17th early-stage fund.

Kleiner Perkins Caufield & Byers has launched its two latest investment vehicles seeking $1.4 billion altogether, according to two separate regulatory filings with the Securities and Exchange Commission from Wednesday.

It is seeking $1 billion for KPCB Digital Growth Fund III, which targets more mature start-up companies, and $400 million for Kleiner Perkins Caufield & Byers XVII, which is devoted to early-stage companies, as described by PEI Research & Analytics.

Both filings indicate that neither fund has received its first commitment.

The digital growth fund filing said Noah Knauf, Mary Meeker, Mood Rowghani and Theodore Schlein will manage that vehicle. The other filing said Michael Abbott, Eric Feng, Wen Hsieh, Schlein and Beth Seidenberg will manage the 17th fund.

The second digital growth fund, KPCB Digital Growth Fund II, raised $750 million in 2014, meeting its target, according to PEI Research & Analytics. In that same year, the 16th early-stage fund, Kleiner Perkins Caufield & Byers XVI, raised $450 million, $4 million of which was carved out to create KPCB Edge Fund in June 2015, according to PEI data.

In April, the firm’s partner John Doerr stepped back as a manager at the firm and became its first chairman, as reported by Private Equity International.

Earlier this month, one of its founders, Tom Perkins, died in Tiburon, California. After forming the firm in 1972, he had stepped down from active investing in the late 1980s, when Doerr took over, as reported by PEI.

The venture capital firm focuses on greentech, information tech, life science, and pandemic and biodefence sectors. It manages $7 billion in assets, according to PEI.