KP Responds to Fortune Hit Piece

Larry Aragon, the Editor-in-Chief of the Venture Capital Journal, caught Kleiner Perkins Partner Ted Schlein on the telephone this morning and asked him what he thought of Adam Lashinsky’s critical article that recently ran in Fortune Magazine:

Larry: Any reaction to the Fortune story on KP? Seems to suggest that the firm has made a mistake in not pursuing Web2.0 investments as actively as its peers.

Ted: 25% of our investing dollars have gone into consumer internet. I think we have done a very good job of investing in consumer internet companies that will matter and will be signficiant. To date, not a lot of of these web 2.0 companies have been valued in the way YouTube and MySpace have.

We have an enormous amount of dollars and energy going into consumer interent, particularly around mobile, where we see a big opportunity.

I dispute the contention [above that KP hasn’t done enough with Web]. I don’t think it [the Fortune piece] was backed up with a huge amount of facts.

Larry: What’s your reaction to the line in the Fortune story that sums up comments from industry luminaries at AllThingsD: “What the hell happened to them?”

Ted:
Everyone is entitled to their opinion. We’re very pleased with direction we’re heading in and with our performance. We’re a fun group to take shots at.

Larry: Do you think the story was fair?

Ted: It Doesn’t matter what I think.