Jack Altman has joined Benchmark as a general partner, marking a significant move within Silicon Valley’s venture capital ecosystem.

The announcement comes after Altman spent the past two years building his own investment firm, Alt Capital.

Alt Capital drew attention for its rapid fundraising success, securing a $150 million debut fund in early 2024 and following it with a $274 million second fund just months later.

Altman previously described the experience as the most rewarding period of his professional life.

According to industry data, Alt Capital invested in more than 50 startups, including companies in enterprise software, nuclear energy, and artificial intelligence.

Altman confirmed he will retain board seats at companies backed through his former fund, while his investment team will also transition to Benchmark.

The move is notable given Benchmark’s traditionally flat structure, which typically consists only of general partners without additional investment layers.

It remains unclear how Alt Capital’s existing portfolio will be managed following the transition.

Altman, who is also the younger brother of OpenAI’s co-founder, continues to serve as chairman of an HR software company. Benchmark declined to comment on the appointment.

Source: TechCrunch