Deals

Kleiner Perkins’ new fund will bring new faces to the fore

As Kleiner Perkins Caulfield & Byers raises its 15th fund, there are signs the venerable VC firm is getting ready for a changing of the guard.

Longtime general partners Brook Byers, Ray Lane, and Bill Joy will not be general partners in the new fund, as Fortune’s Dan Primack reported earlier today.

That doesn’t mean the eminent trio are being shuffled off to the wings, said a source close to the firm. All three retain offices and assistants at KP and will be working there daily. They will continue to have “great influence” at the firm. However, they’ll be focused on the roughly 30 companies on whose boards they collectively sit, rather than on new investments.

Additionally, the firm is shifting the way it organizes its investments, from three big categories to four. Essentially, the “digital” category is being split into two parts, one enterprise-focused and one consumer-focused. That’s a reflection of the growing importance of enterprise tech to the industry. (KP alone has invested more than $100 million in enterprise startups in the past year, our source tells us.)

KP’s greentech and life sciences practices will remain.

The new fund, called KP 15, will have 10 general partners:

  • Mike Abbott
  • Chi-Hua Chien
  • Amol Deshpande
  • John Doerr
  • Bing Gordon
  • Wen Hsieh
  • Randy Komisar
  • Matt Murphy
  • Ted Schlein
  • Beth Seidenberg

This fund represents only part of KPCB’s many investment activities, so other partners (for instance on the firm’s growth fund) will not be directly affected by the changes in KP 15.

Photo: Ray Lane with his new Fiskar Karma, in 2011. Photo by Matthew Lynley/VentureBeat.

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