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Kleiner Perkins Caufield & Byers raised a reported $1.2 billion across two funds in 2014: a $450 million early-stage fund and a $750 million digital growth fund. VentureBeat reported the fundraising on July 2, 2014, so this is a historical announcement—not a current investment offering.
How the $1.2 billion was split
| Fund | Reported amount | Focus stated in the report |
|---|---|---|
| Early-stage fund | $450 million | Early-stage investments |
| Digital growth fund | $750 million | Digital growth investments |
The two named amounts add up to the $1.2 billion total in VentureBeat’s July 2, 2014 report. The report does not provide further comparable terms such as fees, target returns, portfolio size, or geography.
What was reported about closing
VentureBeat described both funds as oversubscribed and reported, attributing the detail to Fortune, that they had not formally closed at the time. That is a status reported in 2014; it does not establish when the funds later closed or whether any investment opportunity is available now.
How this differs from Kleiner Perkins’ later fundraising
The 2014 total is separate from later funds announced by the firm. In 2022, Kleiner Perkins described KP 20 at $800 million and KP Select II at $1 billion; those figures do not revise the 2014 fund sizes. In a March 24, 2026 announcement, the firm described $3.5 billion in new capital: $1 billion for early-stage fund KP22 and $2.5 billion across growth funds. The firm said its early-stage investing would span the AI landscape and that growth investing would remain selective, naming areas including professional services, healthcare, autonomy, security, financial services, productivity, and the physical economy. These are the firm’s own descriptions and investment views, not independent findings about performance.
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