Kleiner Perkins, a well-known American venture capital firm, revealed on Tuesday that it has secured $3.5 billion in new capital through two distinct funds. This represents a substantial rise from the $2 billion the firm gathered less than two years prior. Established in 1972, the firm allocated $1 billion to its 22nd early-stage venture fund and $2.5 billion to a dedicated fund for supporting late-stage growth companies.

The significantly larger fundraising total comes as no shock. In recent years, Kleiner Perkins has successfully gained early positions in several rapidly expanding AI startups, such as Together AI, Harvey, and OpenEvidence. The firm also holds investments in Anthropic and SpaceX, both of which are anticipated to go public this year.

During a period when successful exits are relatively scarce, Kleiner Perkins achieved notable returns from Figma's IPO last year. The firm had led a $25 million Series B round for the design software company in 2018. Additionally, it reportedly gained a solid return when its portfolio company Windsurf was acqui-hired by Google last summer.

Renowned for its historic early investments in Amazon and Google, Kleiner Perkins currently functions with a compact team of only five partners. The firm has experienced recent shifts in leadership: Ev Randle left to join rival firm Benchmark, and Annie Case moved from a partner role to an advisory position, as confirmed by a Kleiner Perkins spokesperson.

Kleiner Perkins is part of a broader trend of major fundraising efforts by venture capital firms. Thrive Capital recently obtained $10 billion in new commitments, and General Catalyst is said to be aiming for a comparable sum.