Kleiner Perkins, the prominent U.S. venture firm, announced on Tuesday that it raised $3.5 billion in fresh capital across two funds, a significant increase from the firm’s $2 billion fundraise less than two years ago.

The firm, founded back in 1972, says it raised $1 billion for its 22nd early-stage venture fund, and $2.5 billion for a separate vehicle designed to fund late-stage growth businesses.

The much larger capital haul is not a surprise. Over the last few years, Kleiner Perkins has managed to secure early stakes in a number of fast-growing AI startups, including Together AI, Harvey, and OpenEvidence. The firm is also an investor in Anthropic and SpaceX, two companies expected to IPO this year.

At a time when exits are few and far between, Kleiner Perkins also realized significant returns from last year’s IPO of Figma, a design software company whose $25 million Series B round it led in 2018. The firm also reportedly scored a decent return when its portfolio company Windsurf was acqui-hired by Google last summer.   

A firm famous for its legendary early bets on Amazon and Google, Kleiner Perkins now operates with a lean team of just five partners. The firm has seen some leadership turnover recently: Ev Randle departed for rival firm Benchmark, while Annie Case has transitioned from partner to an advisory role, a Kleiner Perkins spokesperson confirmed.

Kleiner Perkins joins a wave of mega-raises from other VC firms. Thrive Capital recently secured $10 billion in fresh commitments, while General Catalyst is reportedly targeting a similar amount. Meanwhile, an SEC filing confirms TechCrunch’s earlier reporting that Founders Fund has closed $6 billion for its fourth growth vehicle.