At a glance
- The Austin firm, founded in 2017 by Salen Churi, backs founders in highly regulated industries and was backed by Koch Disruptive Technologies in 2018.
- For allocators, the filings put target size and capital raised on the public record, and TechCrunch said the list draws from vehicles that have not been meaningfully announced.
- Victor Lazarte and Kris Fredrickson, both former Benchmark VCs, lead Diffusion ONE.
Trust Ventures filed Monday to raise a $400 million Fund V, according to TechCrunch's review of October SEC filings, after seeking $225 million for a Fund IV in 2023. The Austin firm, founded in 2017 by Salen Churi, backs founders in highly regulated industries and was backed by Koch Disruptive Technologies in 2018.
For allocators, the filings put target size and capital raised on the public record, and TechCrunch said the list draws from vehicles that have not been meaningfully announced. Diffusion ONE's $1.252 billion is about 57% above the $800 million target Forbes reported in May, the clearest case of a first-time AI manager closing well past its stated size.
Victor Lazarte and Kris Fredrickson, both former Benchmark VCs, lead Diffusion ONE. The fund has co-led Harvey's $550 million Series H with Lightspeed Ventures and took part in Etched's $300 million Series C announced in July.
Benchmark filed four partner-only funds that total $364 million, per TechCrunch: Benchmark Partners Founders' Fund T1 at $220 million, Fund 2 at $132 million, Fund 2-A at $4.5 million and T1-A at $7.5 million. Jack Altman, who recently left his own firm to join Benchmark, is listed on each filing. The partner filings follow the firm's $2 billion fund and $1.25 billion growth vehicle this month, as Alternatives previously reported.
Joe Lonsdale's 8VC appears to be seeking four more vehicles, per TechCrunch: a $400 million 8VC DSS III, a $30.35 million 8VC COSC, a $20.35 million 8VC BRSC and 8VC AI Fund XI, which has already raised $13.5 million, including capital from 8VC itself. The filings follow the $1.5 billion 8VC raised for Fund VII in July.
Notable Capital, a backer of Anthropic, Airbnb and Square, filed to raise a fifth fund, and Neil Mehta's Greenoaks filed for a fund called Greenoaks 7, per TechCrunch. Greenoaks co-led Anthropic's $65 billion Series H, and PitchBook lists Ramp and Anthropic among its portfolio companies. Anthropic filed for a Nasdaq listing under the ticker ANT this week, as Alternatives previously reported.
Industry Ventures has raised at least $1.7 billion for its secondaries fund, which opened in late July, per TechCrunch. That pool is larger than any of the primary venture vehicles TechCrunch lists, though it is capital raised while most of the others are amounts sought.
The two biggest pools were capital already raised
Amount sought or raised per vehicle, October SEC filings ($M)
| Vehicle | Firm | Amount ($M) | Status |
|---|---|---|---|
| Secondaries fund | Industry Ventures | 1.7K | Raised |
| Diffusion ONE | Diffusion ONE | 1.3K | Raised |
| Fund V | Trust Ventures | 400 | Sought |
| 8VC DSS III | 8VC | 400 | Sought |
| Benchmark Partners Founders' Fund T1 | Benchmark | 220 | Sought |
| Benchmark Partners Founders' Fund 2 | Benchmark | 132 | Sought |
| 8VC COSC | 8VC | 30.35 | Sought |
| 8VC BRSC | 8VC | 20.35 | Sought |
| 8VC AI Fund XI | 8VC | 13.5 | Raised |
| Benchmark Partners T1-A | Benchmark | 7.5 | Sought |
| Benchmark Partners 2-A | Benchmark | 4.5 | Sought |
Reported by the Raises & Launches desk from TechCrunch. Published . Corrections