To the Editor:
Your readers might be forgiven for thinking that Kleiner Perkins is in dire straits today based on the headline of Polina Marinova’s article, “How the Kleiner Perkins Empire Fell” (April 23, 2019). The reality is that the new team is firing on all cylinders having just raised KP 18—a $600 million early stage fund that was 200% oversubscribed—and is investing in some of the most sought-after early stage companies. Founders and the limited partner community have every confidence that Kleiner Perkins has the right team and investing strategy to succeed in the future.
Also muddled in the article is the rationale for the separation of venture and growth and Mary Meeker’s efforts to raise an independent fund. What we said last September remains true today: The two funds had grown apart with limited synergy between venture and growth and it was mutually agreed that it was in both parties best interests to pursue separate paths. There is nothing more complicated to the story than that.
John Doerr
Ilya Fushman
Mamoon Hamid
Wen Hsieh
Bucky Moore
Ted Schlein
Partners, Kleiner Perkins
Menlo Park, Calif.