According to U.S. Securities and Exchange Commission (SEC) filings, October was a strong month for venture capital fund fundraising. The filings indicate that established firms continue to secure high-priced capital from limited partners (LPs), particularly those with specialized investment focus. Below are some of the most notable examples we identified—those that had not been substantially publicly announced or have received significant updates.
Among them, Trust Ventures submitted documents on Monday outlining plans to raise a $400 million fifth fund (Fund V). The Austin-based firm, founded by Salen Churi in 2017, specializes in supporting founders building businesses in highly regulated industries. Koch Disruptive Technologies supported the firm’s inaugural fund in 2018. Trust Ventures previously sought to raise a $225 million fourth fund (Fund IV) in 2023, but it remains unclear whether or when that fund was completed. Deep tech fund Interlagos Capital is also raising a $400 million second fund (Fund II).
On the other hand, former Benchmark investors Victor Lazarte and Kris Fredrickson have raised $1.252 billion for their first AI fund, Diffusion ONE. Forbes reported in May that the two, after previously managing smaller funds, teamed up to launch this fund with an initial target of $800 million—meaning they have significantly exceeded their original goal. Since its inception, the firm has made several large investments, including co-leading Harvey’s $550 million Series H round with Lightspeed Ventures and participating in Etched’s $300 million Series C round, announced in July.
Regarding Benchmark, the filings submitted by the firm indicate that it has newly established four funds limited to partners, named Benchmark Partners Founders’ Fund T1, Benchmark Partners Founders’ Fund 2, Benchmark Partners Founders’ Fund 2-A, and Benchmark Partners Founders’ Fund T1-A, with targeted raises of $220 million, $132 million, $4.5 million, and $7.5 million, respectively. Jack Altman, who recently left the institution he founded to join Benchmark, appears in each of the filings.
Meanwhile, Joe Lonsdale’s 8VC also appears to be seeking to raise new investment vehicles, including a $400 million fund named 8VC DSS III; a $30.35 million fund named 8VC COSC; a $20.35 million fund named 8VC BRSC; and an 8VC AI Fund XI, which has already raised $13.5 million, including capital from 8VC itself. This follows the July announcement that 8VC had raised $1.5 billion for its seventh fund (Fund VII).
Earlier this month, Notable Capital, an investor in companies such as Anthropic, Airbnb, and Square, filed documents to raise its fifth fund, while Neil Mehta’s Greenoaks filed to raise a fund named Greenoaks 7. Greenoaks co-led Anthropic’s $65 billion H-round. The current timing is favorable for these firms, as Anthropic has just taken a significant step forward in its efforts to go public, enabling them to promote their fundraising based on the potential for substantial returns. According to PitchBook data, Greenoaks has also invested in companies such as Ramp and Anthropic.
Meanwhile, Industry Ventures has raised at least $1.7 billion for its secondary market fund, which launched at the end of July. The size of this investment vehicle underscores the growing importance of this market, as demand rises for purchasing equity in popular private companies poised for exit. Last month, a family office advisor told TechCrunch that secondary markets are now extremely popular; PitchBook senior venture analyst Emily Zheng noted that equity stakes in Anthropic and OpenAI are among the most competitive “gold mines” in the venture capital space.