Key Takeaways
- • Diffusion ONE, the AI-focused debut fund of former Benchmark VCs Victor Lazarte and Kris Fredrickson, has raised $1.252 billion, far above its earlier $800 million target reported by Forbes in May.
- • Trust Ventures filed to raise a $400 million Fund V, according to SEC filings, with Austin-based founder Salen Churi backing founders in highly regulated industries.
- • Benchmark filed for four new partner-only funds seeking a combined roughly $364 million, with Jack Altman listed in each filing following his move to the firm.
- • Joe Lonsdale's 8VC filed for multiple new vehicles, including a $400 million 8VC DSS III, following its $1.5 billion Fund VII raise in July.
- • Industry Ventures has raised at least $1.7 billion for a secondaries fund that opened in late July, reflecting growing demand for stakes in hot private companies.
Summary
October SEC filings reviewed by TechCrunch show several established venture firms seeking capital from limited partners, with a notable focus on specialized strategies. Trust Ventures filed Monday to raise a $400 million Fund V. The Austin-based firm, founded in 2017 by Salen Churi, invests in founders building in highly regulated industries. Koch Disruptive Technologies backed its debut fund in 2018. The firm previously sought a $225 million Fund IV in 2023, though it is unclear whether that fund closed. Deep tech fund Interlagos Capital is also raising a $400 million Fund II.
The most significant figure in the filings is the $1.252 billion raised by Diffusion ONE, the AI-focused debut fund of Victor Lazarte and Kris Fredrickson, both former Benchmark VCs. Forbes reported in May that the pair had launched the fund with an $800 million target. The firm has already co-led Harvey's $550 million Series H with Lightspeed Ventures and participated in Etched's $300 million Series C, announced in July.
Benchmark filed four new partner-only funds: Benchmark Partners Founders' Fund T1 ($220 million), Founders' Fund 2 ($132 million), Founders' Fund 2-A ($4.5 million), and Founders' Fund T1-A ($7.5 million). Jack Altman, who recently left his own firm to join Benchmark, is listed in each filing. Joe Lonsdale's 8VC is also seeking new vehicles, including a $400 million 8VC DSS III, a $30.35 million 8VC COSC, a $20.35 million 8VC BRSC fund, and an 8VC AI Fund XI that has already raised $13.5 million, including from 8VC itself. The filings follow 8VC's $1.5 billion Fund VII raise in July.
Notable Capital, an early backer of Anthropic, Airbnb, and Square, filed to raise a fifth fund, while Greenoaks, which co-led Anthropic's $65 billion Series H, filed for Greenoaks 7. According to the article, the timing coincides with Anthropic's latest step toward a public listing. Industry Ventures has raised at least $1.7 billion for a secondaries fund opened in late July. PitchBook senior VC analyst Emily Zheng described stakes in Anthropic and OpenAI as among the "most contested real estate in venture."
The most significant figure in the filings is the $1.252 billion raised by Diffusion ONE, the AI-focused debut fund of Victor Lazarte and Kris Fredrickson, both former Benchmark VCs. Forbes reported in May that the pair had launched the fund with an $800 million target. The firm has already co-led Harvey's $550 million Series H with Lightspeed Ventures and participated in Etched's $300 million Series C, announced in July.
Benchmark filed four new partner-only funds: Benchmark Partners Founders' Fund T1 ($220 million), Founders' Fund 2 ($132 million), Founders' Fund 2-A ($4.5 million), and Founders' Fund T1-A ($7.5 million). Jack Altman, who recently left his own firm to join Benchmark, is listed in each filing. Joe Lonsdale's 8VC is also seeking new vehicles, including a $400 million 8VC DSS III, a $30.35 million 8VC COSC, a $20.35 million 8VC BRSC fund, and an 8VC AI Fund XI that has already raised $13.5 million, including from 8VC itself. The filings follow 8VC's $1.5 billion Fund VII raise in July.
Notable Capital, an early backer of Anthropic, Airbnb, and Square, filed to raise a fifth fund, while Greenoaks, which co-led Anthropic's $65 billion Series H, filed for Greenoaks 7. According to the article, the timing coincides with Anthropic's latest step toward a public listing. Industry Ventures has raised at least $1.7 billion for a secondaries fund opened in late July. PitchBook senior VC analyst Emily Zheng described stakes in Anthropic and OpenAI as among the "most contested real estate in venture."
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