"This news is a big deal, especially since Altman has been running his own VC firm, Alt Capital, since at least 2024. The fund raised a $150 million Fund I in early 2024 and then, just last September, announced a $274 million Fund II, raised in just a week. On LinkedIn, Altman called the past two years running Alt Capital as an investor "the most rewarding" of his life, adding that he loved "new ideas and being part of a team with a mission.""
"Alt Capital invested in at least 52 companies, according to PitchBook, including Rippling, Antares Nuclear, and CompLabs. It's unclear what happens to Alt Capital or whether Benchmark has acquired its portfolio, as Altman also announced that his teammates from the fund will be following him to Benchmark. (That's also unusual, given Benchmark has historically been structured as flat firm with primarily GPs only, versus layers of investors.)"
Jack Altman is joining Benchmark as a general partner after running his own VC firm, Alt Capital, since at least 2024. Alt Capital raised a $150 million Fund I in early 2024 and a $274 million Fund II last September, the latter raised in a week. Alt Capital invested in at least 52 companies, including Rippling, Antares Nuclear, and CompLabs. Altman's teammates from Alt Capital will follow him to Benchmark, and he will retain the board seats at companies he backed. The fate of Alt Capital's structure and portfolio ownership remains unclear. Altman also founded and chairs Lattice.
Read at TechCrunch
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