From 8VC to Benchmark, here’s what’s hiding in October SEC filings

Venture funds are raising more capital, especially for AI and deep tech, enabling larger investments in private companies.

October SEC filings reveal significant fundraising activities from major venture capital firms. Trust Ventures has filed to raise $400 million for its Fund V, focusing on highly regulated industries. Interlagos Capital is also seeking $400 million for its Fund II, concentrating on deep tech. Diffusion ONE, a new AI fund launched by former Benchmark partners Victor Lazarte and Kris Fredrickson, has raised $1.252 billion, surpassing its initial $800 million target and already participating in major funding rounds for companies like Harvey and Etched. Benchmark itself has filed for four partner-only funds totaling approximately $360 million, with Jack Altman listed as involved. 8VC is also raising multiple new vehicles, including an $400 million fund called 8VC DSS III. Notable Capital and Greenoaks have filed to raise new funds, with Greenoaks 7 noted after co-leading Anthropic's significant funding round. Industry Ventures has raised at least $1.7 billion for its secondaries fund, highlighting the growing importance of that market.

The substantial capital being raised by firms like Diffusion ONE and Trust Ventures indicates a strong investor appetite for specialized funds, particularly in AI and highly regulated sectors. This trend suggests that established VCs with clear theses are able to command significant LP backing, potentially leading to more concentrated investments in a few high-conviction areas. The success of Diffusion ONE, in particular, shows that even new entities formed by experienced professionals can attract substantial funding, signaling a competitive landscape for emerging managers.

The filings also underscore the increasing relevance of secondary funds, as evidenced by Industry Ventures' $1.7 billion raise. This growth in the secondary market reflects a desire among investors to gain exposure to hot private companies, possibly due to longer exit timelines or a need for liquidity. With major rounds for companies like Anthropic making headlines, the ability of funds to facilitate such transactions, either directly or through secondaries, becomes a key differentiator.