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Kleiner Perkins announced on March 24, 2026, that it had formed $3.5 billion in new funds: $1 billion for its early-stage fund KP22 and $2.5 billion in growth funds, including KP Select IV. AI is central to the firm’s stated investment thesis, but the announcement does not say that all $3.5 billion is reserved exclusively for AI startups.
How the $3.5 billion is divided
| Fund group | Amount announced | Stated approach |
|---|---|---|
| KP22, the firm’s twenty-second venture fund | $1 billion | Invest broadly across AI, backing founders building products, platforms, and categories from the ground up. |
| Growth funds, including KP Select IV | $2.5 billion | Partner selectively with breakout companies where the firm’s conviction deepens. |
The totals and split are also reported by Bloomberg and TechCrunch. Kleiner Perkins did not disclose how the growth allocation is divided among individual funds.
What Kleiner Perkins says it will invest in
The firm describes AI as a broad technology shift with potential to affect how products are built, how businesses operate, and how industries work. Its announcement points to applications in software development, legal and professional services, healthcare, transportation, and other sectors. These are the firm’s stated views about the opportunity, not independent proof of specific market outcomes.
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Its named opportunity areas include:
- Professional services
- Healthcare
- Autonomy
- Security
- Financial services
- Productivity
- The physical economy
The range shows why the announcement should not be read as a commitment to fund only companies branded as AI startups: the firm frames AI as a cross-industry investment landscape and names other sectors as well.
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How the early-stage and growth strategies differ
KP22: broad early-stage investing
Kleiner Perkins says it will invest broadly across AI at the early stage, backing founders building new products, platforms, and categories. The focus is on company formation and developing businesses from the ground up.
Growth funds: selective backing
At growth stage, the firm says it will be selective, partnering with breakout companies where its conviction deepens. The announcement does not publish portfolio targets, detailed fund terms, or expected returns, so the strategy description should not be mistaken for those disclosures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the announcement does—and does not—establish
The fund formation and amounts are the concrete news: $3.5 billion in total, split between KP22 and growth funds. The stated investment areas and founder-support model describe Kleiner Perkins’ own strategy. The announcement does not provide a definitive list of investments committed from these vehicles, detailed legal terms, or granular allocations among sectors.
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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Kleiner Perkins also describes its operating teams as lean and hands-on, with deep founder relationships. The announcement’s wording is attributable to the Kleiner Perkins Team; it does not identify an individual speaker.
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