Benchmark Raised $2 Billion, but Still Makes Just 2 to 3 Deals a Year

Benchmark, the Silicon Valley venture firm best known for backing eBay and Uber early, announced $2 billion across two new funds this summer, according to TechCrunch. It is only the second time in the firm's 31-year history that it has departed from raising a smaller vehicle, the outlet reported.

How much did Benchmark raise, and why does it matter?

The $2 billion is split between an enlarged core fund and a new $1.25 billion growth fund, per TechCrunch's interview with the firm's five partners at this week's TechCrunch Disrupt. Partner Peter Fenton said the core fund had been held at $500 million for 20 years before this year's increase, attributing the change to inflation rather than a shift in strategy. "We held the core fund at $500 million for 20 years, and it has just inflated to be consistent with the existing economy, which we hadn't done and that was probably a tactical error on our part," Fenton told TechCrunch.

Why does Benchmark still make only 2 to 3 deals a year per partner?

Despite the larger fund sizes, TechCrunch reported that Benchmark's partners described sticking to their long-standing pace of two to three new investments per partner annually. The firm's early-stage "core fund" work, Fenton said, typically means a 10- to 15-year commitment working "shoulder to shoulder" with founders — a model he said "doesn't scale," regardless of how much capital is available.

"If the fund is successful, one or two investments will generate 90% of the returns." — Peter Fenton, Benchmark partner, on the new growth fund's expected concentration, via TechCrunch

What is the $1.25 billion growth fund for?

Fenton said the growth fund lets Benchmark pursue late-stage opportunities it previously had to pass on because of its early-stage-only mandate. "A number of opportunities that came to Benchmark would have returned somewhere between 10 and 1,000x to Benchmark, and we were constricted by our early-stage focus," he told TechCrunch. He estimated the fund would back four to eight companies total, citing a framework he called "the agony and ecstasy of a concentrated portfolio."

How has Benchmark's partnership changed since 2023?

TechCrunch noted that three of the four partners interviewed by the outlet three years ago have since left the firm. Partner Ev Randle, who joined Benchmark in late 2025 after stints at Founders Fund, Bond, and Kleiner Perkins, was among those who joined the firm's five current partners on stage at Disrupt — the group's first public joint appearance, per TechCrunch.

Timeline

• Roughly three years ago: TechCrunch interviews four Benchmark partners; three have since departed the firm.
• Late 2025: Ev Randle joins Benchmark from Founders Fund, Bond, and Kleiner Perkins.
• Summer 2026: Benchmark announces $2 billion across a core fund and new growth fund — only the second such departure from its usual smaller-fund model in 31 years.
• October 2026: All five current partners appear together publicly for the first time, at TechCrunch Disrupt.

What do "core fund" and "growth fund" mean at Benchmark?

• Core fund: Benchmark's original early-stage vehicle, used for founder-stage bets requiring a decade-plus commitment per company.
• Growth fund: A newer, larger pool ($1.25 billion) aimed at later-stage opportunities that fall outside the early-stage mandate, expected to back a small number of companies.
• Concentrated portfolio: Fenton's term for a fund structure in which a handful of winning bets are expected to generate the bulk of returns.