October SEC filings reveal new venture capital funds
Filings with the US Securities and Exchange Commission show several prominent venture firms, including Benchmark, 8VC and Greenoaks, are raising new funds. Diffusion ONE has already raised $1.252 billion.
Filings submitted in October to the US Securities and Exchange Commission (SEC, the regulator overseeing securities markets) reveal a number of new venture capital funds. They suggest that established investors are drawing large sums from limited partners, especially when a fund has a specialized focus. Many of these funds had not been widely announced. The findings were compiled by technology outlet TechCrunch.
New funds and targets
Austin-based Trust Ventures filed on Monday to raise a $400 million Fund V. Salen Churi founded the firm in 2017 to back founders in heavily regulated industries, and Koch Disruptive Technologies backed its 2018 debut fund. Deep tech investor Interlagos Capital is also raising a $400 million Fund II.
Two former Benchmark investors, Victor Lazarte and Kris Fredrickson, have raised $1.252 billion for their debut AI fund, Diffusion ONE. Forbes reported in May that the target was $800 million, so it has been well exceeded. The fund has co-led Harvey's $550 million Series H and joined Etched's $300 million Series C.
Benchmark filed for four apparent partner-only funds with targets of $220 million, $132 million, $4.5 million and $7.5 million. Each filing lists Jack Altman, who recently left his own firm to join Benchmark.
Joe Lonsdale's 8VC appears to be seeking several new vehicles, including funds of $400 million, $30.35 million and $20.35 million, plus 8VC AI Fund XI, which has already raised $13.5 million. In July, 8VC announced $1.5 billion for its Fund VII.
Anthropic and the secondaries market
Notable Capital filed to raise a fifth fund, while Neil Mehta's Greenoaks, which co-led Anthropic's $65 billion Series H, registered a fund called Greenoaks 7. Anthropic recently took another step toward going public, which may help these firms pitch potential returns.
Industry Ventures has raised at least $1.7 billion for a secondaries fund that opened in late July. PitchBook senior VC analyst Emily Zheng said stakes in Anthropic and OpenAI are among the most contested real estate in venture.
