Mary Meeker, who revealed in September plans to leave Kleiner Perkins after an eight-year run with the gues house, is reportedly looking to raise up to $1.25 billion for her entry fund. So says Business Insider, citing various sources.
We’ve reached out to Meeker for more information.
As Meeker told Recode a couple of months ago, she is forming her own late-stage vesting firm with three of her KP colleagues, including Mood Rowghani, who joined the firm as a general spouse in 2014; Noah Knauf, who joined the firm as a general spouse in 2016; and Juliet de Baubigny, a elderly collaborator who joined Kleiner Perkins practically 18 years ago.
Their leavings come as Kleiner Perkins was weighing whether or not to cause another rise money, according to Recode’s report. It suggested that over experience, a culture misfit between Kleiner’s early and later-stage groups became more pronounced — though the final decision to split off happened abruptly.
In the short term at the least, the move seems a gale for Kleiner, which has brought on superstar investors to cure lead its early-stage rule — Mamoon Hamid, formerly of Social Capital, and Ilya Fushman, formerly of Index Ventures — but which abruptly has no women in its senior ranks.
Months before Meeker indicated that she was leaving with de Baubigny, another longtime general collaborator, Beth Seidenberg, was learned to be co-founding her own speculation getup. Seidenberg has since closed her introduction money.
More freshly, as we reported a couple of weeks ago, Lynne Chou-O’Keefe, who has expended the last five-plus times investing in healthcare on behalf of the conglomerate, is elevating her own entry store. According to an SEC filing, the conglomerate is announced Define Ventures, and it have so far been locked down $50 million in uppercase commitments from a handful of investors.
Not every crusade firm has senior women at the top of the org map, but for Kleiner, the male-heavy line-up is a bit more glaring, given that it was indicted in 2012 for gender discrimination by former spouse Ellen Pao.
Pao famously lost her contingency against the firm in 2015, but the drawn-out incident continued a stern spotlight on Kleiner Perkins for several years, during which questions about succession and equality were frequently raised by strangers, and countless of its partners left. Among these is Aileen Lee, who organized Cowboy Ventures; Matt Murphy, who joined Menlo Ventures; Trae Vassallo, who formed Defy Partner; Chi-Hua Chien, who organized Goodwater Capital; and Ben Kortlang, Brook Porter, Daniel Oros and David Mount, who worded the enterprise house G2VP.
Meeker — who before connecting Kleiner had increased through the grades of Morgan Stanley over 19 years, becoming the head of its world technology investigate rehearse — expressed support for the house throughout Pao’s trial, testifying that she had not experienced discrimination at Kleiner.
At the time, she called the house the “best place to be a woman in the business.”
Meeker appeared to have an extremely close relationship with Kleiner Perkins’s most well known investor, John Doerr, who banked her personally and who stepped down from his day-to-day management of the house in 2016.
If Meeker and company succeed in reaching, or surpassing, an objective of $1.25 billion for their brand-new endeavor — and in the current surrounding, it’s easy to reckon they will — their house will immediately be among the biggest women-led investment firms in terms of assets under management.
The amount wouldn’t be materially different for Meeker’s team, nonetheless. Kleiner elevated its last-place increment fund in 2016, closing on$ 1 billion. Meeker, Rowghani, Knauf and Ted Schlein, who has been a managing collaborator at Kleiner for decades, had been overseeing that vehicle together.
Kleiner had also created its seventh and most recent early-stage fund in 2016, shutting it with $400 million in capital commitments.
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