Sifting Through the SEC: Which New Funds Are Actually Moving the Needle?
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October's filings reveal a stark contrast between AI-driven windfalls and the quiet scramble for AUM.
Q: What does the recent wave of SEC filings tell us about the current state of venture capital fundraising?
A: As TechCrunch first reported, established firms are still able to command top dollar from limited partners, provided they have a specialized focus. While some firms are leveraging massive wins to market new vehicles, others are filing for smaller, more niche funds.
Q: Which funds are showing the most aggressive growth relative to their targets?
A: Diffusion ONE is a standout. Founded by former Benchmark VCs Victor Lazarte and Kris Fredrickson, the AI-focused debut fund raised $1.252 billion. TechCrunch notes that this far exceeds the $800 million target previously reported by Forbes in May. The firm is already deploying capital, co-leading a $550 million Series H for Harvey alongside Lightspeed Ventures and participating in a $300 million Series C for Etched in July.
Q: Are there any signs of firms struggling to close previous rounds while seeking new ones?
A: The filings for Trust Ventures raise a question mark. The Austin-based firm, founded by Salen Churi, filed to raise a $400 million Fund V. However, TechCrunch points out that Trust Ventures sought to raise a $225 million Fund IV in 2023, and it remains unclear if or when that specific fund ever closed.
Q: What is the strategy behind the recent filings from Benchmark and 8VC?
A: Both firms appear to be diversifying their vehicles. Benchmark filed for four partner-only funds: Benchmark Partners Founders’ Fund T1 ($220 million), Benchmark Partners Founders’ Fund 2 ($132 million), Benchmark Partners Founders’ Fund 2-A ($4.5 million), and Benchmark Partners Founders’ Fund T1-A ($7.5 million). Jack Altman is listed in each of these filings. Meanwhile, Joe Lonsdale’s 8VC is seeking several new vehicles, including 8VC DSS III ($400 million), 8VC COSC ($30.35 million), 8VC BRSC ($20.35 million), and 8VC AI Fund XI, which has raised $13.5 million (including contributions from 8VC). This follows the announcement in July that 8VC raised $1.5 billion for its seventh fund.
Q: How are firms like Greenoaks and Notable Capital positioning themselves for the current market?
A: Both firms are timing their raises around high-profile portfolio companies. Notable Capital filed for a fifth fund, and Neil Mehta’s Greenoaks filed for Greenoaks 7. TechCrunch reports that Greenoaks co-led a $65 billion Series H for Anthropic. With Anthropic taking steps toward going public, these firms are well-positioned to market themselves based on potential returns. PitchBook further notes that Greenoaks has backed Ramp and Anthropic.
Q: Is there a specific sector where the appetite for investment is particularly high right now?
A: The secondaries market is seeing significant traction. Industry Ventures has raised at least $1.7 billion for a secondaries fund that opened in late July. Emily Zheng, a senior VC analyst at PitchBook, told TechCrunch that stakes in OpenAI and Anthropic are among the most contested real estate in the venture world, driving the demand to buy into established private companies.