Kleiner Perkins Caufield & Byers is taking steps to ensure an abundance of dry powder as it is concerned about the lack of liquidity options for current portfolio companies, according to sources familiar with the effort.
The venture firm is currently raising annex funds for its 11th and 12th funds to have cash on hand in case it needs additional follow-on capital. Kleiner Perkins had raised $400 million for fund XI, which closed in 2004, and $600 million for fund XII, which closed in 2006.
It also has reopened fund-raising for a pair of funds initially closed last year: The $700 million fund XIII and the $500 million Green Growth Fund. Moreover, the Green Growth Fund is now open to limited partners that have not previously invested with Kleiner Perkins.
Kleiner Perkins did not respond to a request for comment. Sources say that that most of the annex fund-raising is expected to wrap up soon.
was unable to learn the specific fund-raising targets. Dow Jones reported that the target for the fund XI annex fund is $150 million.The news about Kleiner’s fund-raising was first reported by peHUB, a VC and PE news website published by Thomson Reuters, which also publishes VCJ. —Dan Primack