About This Fund
KP Select III is the third growth-stage fund in Kleiner Perkins' Select fund series, raised alongside KP21 (the firm's 21st venture fund) in June 2024. With $1.2 billion in capital commitments, KP Select III is among the largest vehicles in the Kleiner Perkins fund family, designed to back high-inflection investments in companies scaling rapidly toward market leadership. The fund is managed by Kleiner Perkins (formerly Kleiner Perkins Caufield & Byers), one of Silicon Valley's most storied and influential venture capital firms with a multi-decade track record of backing category-defining technology and life sciences companies from early stages to IPO and beyond.
KP Select III focuses on late-stage and growth-equity investments in technology companies where Kleiner Perkins has identified meaningful inflection points — whether in revenue trajectory, market penetration, or technological capability. The fund's investment thesis is anchored in artificial intelligence, enterprise software, healthcare and life sciences, fintech, and hardtech — sectors where the firm has built deep expertise over five decades of active investing. In contrast to KP21 (which backs companies from the earliest stages with smaller initial checks), KP Select III deploys larger capital tranches into companies that have demonstrated initial product-market fit and are ready to scale aggressively. The fund leverages the full Kleiner Perkins platform, including its global network of portfolio companies, operators, and institutional relationships, to provide growth-stage founders with the strategic support needed to navigate complex expansion phases.
Kleiner Perkins has backed some of the most transformative technology companies of the past fifty years, including Amazon, Google, Genentech, AOL, Netscape, and Spotify. The Select fund series builds on this legacy by concentrating follow-on capital in later-stage opportunities where the firm has established the deepest conviction. The launch of KP Select III alongside KP21 reflects Kleiner Perkins' two-pronged 2024 approach: seeding the next generation of category-defining companies through KP21 while deploying growth capital into breakout performers approaching inflection through the Select platform.