Benchmark, the venture firm known for small funds and early-stage bets, has raised $2 billion across two funds this summer. That is only the second time in its 31-year history that it has gone beyond a much smaller vehicle. But at TechCrunch Disrupt, the five general partners said the larger capital pool will not change their deliberate pace.
The core fund, long held at $500 million, was inflated to match the economy, according to partner Peter Fenton. The new growth fund expands the firm's mandate, letting it back later-stage opportunities that previously would have been out of reach. Fenton said he expects the growth fund to make just four to eight investments, with one or two likely generating most of the returns.
The partners also pushed back on the idea that they will speed up. They said they still aim for only two or three new bets per partner per year. Their Monday meetings have no agenda, and they described the firm as a small, equal partnership where partners admire and learn from each other. Newer partners Jack Altman and Ev Randall said they joined because of that culture, not despite it.