Kleiner Perkins is a Menlo Park venture capital firm investing in early-stage technology and life sciences startups.
Menlo Ventures is a Menlo Park, California-based venture capital firm investing in technology companies from seed through growth stage, spanning enterprise software, consumer tech, AI, and healthcare.
The Verdict: Kleiner Perkins vs Menlo Ventures
Both are Menlo Park VC institutions but scaled very differently in 2026. Kleiner Perkins, founded in 1972, closed a $3.5B dual-fund raise in March 2026 ($1B early-stage KP22, $2.5B growth) pushing total AUM past $21B, with a broad early-to-late mandate spanning tech and life sciences. Menlo Ventures, founded four years later in 1976, sits smaller at roughly $6.8B AUM before its own record $3B raise in June 2026 — the largest in its 50-year history — built almost entirely around its Anthropic bet, now worth nearly $14B on Menlo's books.
Founders raising early-stage AI or life-sciences rounds get broader partner bandwidth and bigger checks at Kleiner Perkins, which now runs one of the largest dual early/growth vehicles in the industry. Founders building on top of Claude, or LPs who want concentrated exposure to a single dominant AI thesis, look to Menlo, whose $100M Anthology Fund and Anthropic-anchored portfolio make it the more thesis-driven, less diversified of the two.
Frequently asked questions
Which firm has more AUM, Kleiner Perkins or Menlo Ventures?
Kleiner Perkins is larger, with AUM surpassing $21B after its $3.5B dual-fund close in March 2026. Menlo Ventures managed about $6.8B before raising its own record $3B fund in June 2026, still leaving it meaningfully smaller in total assets.
What stage does Menlo Ventures invest in?
Menlo Ventures invests from seed through growth stage, but its recent identity is defined by Anthropic — a Series D lead and Series E participation that helped anchor its $3B 2026 raise and its $100M Anthology Fund for startups building on Claude.
Is Kleiner Perkins still an early-stage firm?
Yes, but it now runs both ends: KP22 is a $1B fund for seed and Series A, paired with a separate $2.5B growth fund for late-stage AI bets, part of the $3.5B raise closed in March 2026 that pushed total AUM past $21B.
Data from Value Add Pulse coverage and company research — see the full threads for Kleiner Perkins and Menlo Ventures.