Venture capital firm Kleiner Perkins Caufield & Byers will be spinning out its digital growth fund business as soon as the team raises a new fund, expected sometime in 2019, Amanda Duckworth, chief marketing officer, said in an email.
The team is led by Mary Meeker, Mood Rowghani, Noah Knauf and Juliet de Baubigny.
"The environment for venture has evolved — with larger checks being written for seed and A rounds and more support from partners required to build companies — demanding a high degree of specialization and extreme focus to excel," according to a written statement from Kleiner Perkins sent to P&I. "The changes in both areas have led to less overlap between venture and growth, and creating two separate firms with different people and operations now makes sense."
In an email to limited partners Friday, Ted Schlein, partner, said the team's new independent growth fund would "have a preferred opportunity to support successful, high-growth companies from the Kleiner Perkins venture portfolio."
The digital growth team will continue to manage the three existing Kleiner Perkins digital growth funds and will retain their Kleiner Perkins email, Mr. Schlein wrote. Kleiner Perkins back office executives will continue to support the three existing funds for their remaining terms, he added.