Kleiner Perkins Re-Raising Multiple Funds
Kleiner Perkins Caufield & Byers is very concerned about the lack of liquidity options for current portfolio companies, and peHUB has learned that it is taking steps to ensure an abundance of dry powder.
The landmark VC firm is currently raising annex funds for its eleventh (2004) and twelfth funds (2006), in order to have cash on hand in case it needs additional follow-on capital. It also has reopened fundraising for a pair of funds initially closed last year: The $700 million Fund XIII and the $500 million Green Growth fund. Moreover, the Green Growth fund is now open to limited partners that have not previously invested with Kleiner Perkins, which is a pretty big deal from a legacy access perspective.
Kleiner obviously isn’t commenting, although we hear that most of this is expected to wrap up soon.
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Bud Fox said on January 14, 2009
It does not surprise me that KP is going hat in hand to limited partners and giving them the “wonderful opportunity” to reinvest in old KP funds. Take a look at the Dogs in these portfolios!
Unless we go back to the Wall St. IPO bubbles days, these funds ROI will be less than ZERO!
Good money being thrown after really bad money (companies).
Michael Knows said on January 14, 2009
Exactly what Bud Fox said. Bravo to them for the “PR balls” to present this as an “opportunity” but what it really is is an opportunity to supply some air to a suffocating portfolio.