Term Sheet

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Benchmark raises $425 million for new fund

December 6, 2013: 10:58 AM ET

Early Twitter investor closes its eighth fund.

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Benchmark partners Matt Cohler and Peter Fenton

FORTUNE -- Silicon Valley venture capital firm Benchmark has raised $425 million for its eighth fund, according to an SEC filing.

This is the same size as Benchmark's prior fund, raised in 2011, but with two major changes: Longtime general partners and firm co-founders Kevin Harvey and Bruce Dunlevie are no longer listed as general partners.

The pair is expected to maintain existing portfolio responsibilities, and may even originate a few new deals in the new fund. But neither will be central to operations going forward, meaning that none of the firm's founding quartet will be involved with Benchmark's future (fellow co-founders Bob Kagle and Andy Rachleff stepped back in 2011 and 2004, respectively).

Fortune had previously reported, via its Term Sheet email, that Benchmark had told prospective investors that it was planning to add at least one new general partner, but that fund commitments would be due before that person was named. Rumor is that the firm has been speaking with several well-known tech industry entrepreneurs, including ones that the firm has and hasn't backed in the past.

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Benchmark's recent hits include Twitter (TWTR) and Potbelly (PBPB). It also is a major investor in both Snapchat and Uber.

A firm spokeswoman declined to comment.

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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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