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Exclusive: Kleiner Perkins raising new fund

March 16, 2012: 2:54 PM ET

Veteran venture shop will hit the road next month.

Venture capital firm Kleiner Perkins Caufield & Byers is preparing to raise its next general fund, Fortune has learned.

The firm plans to target $600 million, with an unspecified cap. Its prior general fund (KPCB XIV) closed on $650 million early last year. Kleiner Perkins also is investing out of a $1 billion Digital Growth Fund (led by ex-Internet analyst Mary Meeker) and a $500 million Green Growth fund.

Even though this is a very fast turnaround, don't expect Kleiner Perkins to have much trouble hitting its number.

Unlike most firms that visit individual investors in various cities, Kleiner Perkins plans to hold just two large road-show meetings: One in New York City for East Coast investors, and one in Menlo Park for West Coast investors. Both of those presentations will take place next month.

The firm's general funds make early-stage investments in tech, healthcare and energy companies. Fund XIV also included carveout allocations to Kleiner's "sFund" and "iFund" initiatives. No word yet on if the new fund will continue to house those branded strategies, although I would expect it to do so.

A Kleiner Perkins spokeswoman declined to comment.

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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