Benchmark raises $425m without Gurley

An SEC filing confirms that star investor Bill Gurley is not part of the investment team for Benchmark Capital Partners X.

Benchmark Capital has held a final close on $425 million for its 10th fund, which does not include star investor Bill Gurley as a general partner, according to a regulatory filing.

Benchmark raised the capital from 38 investors, the May 19 filing states. It shows a date of first sale as May 6.

The Wall Street Journal was the first to report in late April that Gurley would not be a partner in the fund.

The SEC filing lists five “managing members” of the Fund X general partnership: Peter Fenton, Chetan Puttagunta, Steven Spurlock, Sarah Tavel and Eric Vishria. All five were in the firm’s ninth fund, along with Gurley.

Gurley has not responded to requests for comment.

Reporting by Iris Dorbian and Lawrence Aragon

Correction: The headline for this story has been corrected. The original headline gave the wrong amount raised for Benchmark’s 10th fund.