Kleiner Perkins announced on March 24 that it has raised $3.5 billion in fresh capital across two new funds dedicated to AI investments, a 75% increase from the firm’s $2 billion fundraise less than two years ago.
The capital is split between KP22, a $1 billion early-stage venture fund, and a $2.5 billion growth vehicle designed to back late-stage companies at inflection points, according to Kleiner Perkins’ own announcement.
Where the Money Goes
The firm identified professional services, healthcare, autonomy, security, financial services, and “the physical economy” as target sectors, per its blog post. In the AI agent and infrastructure space specifically, Kleiner’s current portfolio includes stakes in Anthropic, Together AI, Harvey (AI legal tech), and Applied Intuition (autonomous vehicles), according to Crunchbase News.
Recent large lead investments from the firm include a $600 million Series F for Applied Intuition, a $356 million Series D for Chainguard (secure open-source software for AI systems), and a $300 million Series E for Harvey, per Crunchbase.
The firm currently operates with five partners after some leadership turnover. Ev Randle departed for rival firm Benchmark, and Annie Case transitioned from partner to an advisory role, a Kleiner Perkins spokesperson confirmed to TechCrunch.
The VC Mega-Raise Wave
Kleiner’s fundraise is part of a broader capital consolidation around AI. TechCrunch reported the following context: Thrive Capital recently secured $10 billion in new commitments. General Catalyst is reportedly targeting a similar amount. Founders Fund has closed $6 billion for its fourth growth vehicle. Add in OpenAI’s $120 billion total fundraising milestone from this week, and the capital flowing into AI infrastructure and applications in Q1 2026 alone is staggering.
The combined capital commitments suggest institutional LPs have moved from treating AI as a speculative bet to treating it as core infrastructure allocation. For AI agent platforms and tooling companies, this means the funding environment remains highly favorable through at least 2027.
Exit Track Record
The timing of the raise benefits from Kleiner’s recent exit performance. Figma, where Kleiner led the $25 million Series B in 2018, completed the largest software IPO of 2025. The firm also realized returns when portfolio company Windsurf was acqui-hired by Google last summer, per TechCrunch. Kleiner is also an investor in SpaceX and Anthropic, two companies widely expected to IPO in 2026.