Kleiner Perkins, the notable U.S. venture capital firm, declared on Tuesday that it has secured $3.5 billion in new funding across two distinct funds, a notable rise from the firm’s $2 billion fundraising effort less than two years prior.

Established in 1972, the firm reported raising $1 billion for its 22nd early-stage venture fund and $2.5 billion for a separate entity intended to finance late-stage growth companies.

This significantly larger capital acquisition was anticipated. In recent years, Kleiner Perkins has successfully obtained early investments in several rapidly expanding AI startups, including Together AI, Harvey, and OpenEvidence. The firm is also involved with Anthropic and SpaceX, two companies that are projected to go public this year.

In a climate where exits are rare, Kleiner Perkins achieved notable returns from last year’s IPO of Figma, a design software firm in which it led a $25 million Series B round in 2018. The firm also reportedly gained a good return when its portfolio company Windsurf was acqui-hired by Google last summer.   

Known for its historic early investments in Amazon and Google, Kleiner Perkins now operates with a streamlined team of just five partners. The firm has experienced some shifts in leadership recently: Ev Randle has moved to rival firm Benchmark, while Annie Case has shifted from a partnership role to advisory, a spokesperson for Kleiner Perkins confirmed.

Kleiner Perkins is part of a trend of significant fundraising by other VC firms. Thrive Capital recently obtained $10 billion in new commitments, while General Catalyst is reportedly aiming for a similar amount. Additionally, an SEC filing validates TechCrunch’s previous report that Founders Fund has completed a $6 billion closure for its fourth growth fund.