Kleiner Perkins Spin-Out Raises $1.25 Billion in Less Than Four Months

Former Kleiner Perkins partner Mary Meeker has already raised $1.25 billion for her new growth fund, Bond Capital.

The venture capital firm began fundraising in January and hit its target of $1.25 billion nearly four months later, according to a person familiar with the matter. Investors in the fund include endowments, foundations, pension funds, and insurance plans.

Bond Capital is expected to do a final close on its inaugural fund this summer, the person said by phone Thursday.  

Meeker, who first rose to fame in the ‘90s during the tech boom, split off from venture capital firm Kleiner Perkins in September along with investors Mood Rowghani and Noah Knauf and team-building expert Juliet de Baubigny.

The four are now partners at Bond Capital, which is targeting investments in “ultra blue-chip technology companies,” the source said. The venture firm plans to spend roughly three years investing the capital from its first fund in mid-growth tech companies, the source added.

[II Deep Dive: Kleiner Perkins Splits Business, Loses Star Partner Mary Meeker & Three Others] 

Since the spinout, the Bond Capital team has also been managing three digital growth funds on behalf of Kleiner Perkins, and will continue to do so, according to Amanda Duckworth, the chief marketing officer at Kleiner Perkins. She added she expects there to be “a lot of collaboration” between the two firms on the funds going forward.  

For now, the two firms continue to share an office, according to the knowledgeable source, who added that Bond Capital plans to move to new digs in San Francisco in September.

Kleiner Perkins, for its part, is focusing on early-stage investing. The firm announced in January that it had raised its 18th venture fund, which was capped at $600 million.

A spokesperson for Bond Capital declined to comment on the news.