Top VCs Raise Billions: AI, Deep Tech & Secondary Markets Fuel LP Demand

TechCrunch reviewed October SEC filings to uncover a wave of new fundraisers by prominent venture capital firms, some already surpassing their targets. The filings signal limited partner (LP) appetite for mature institutions, specialized sector funds, and direct equity in high-profile private companies.

Specialized Funds and AI Newcomers Attract Capital

Trust Ventures, an Austin-based firm founded by Salen Churi in 2017 that backs founders in highly regulated industries, filed for a $400 million fifth fund. Its first fund was backed by Koch Disruptive Technologies in 2018. The status of its fourth fund, which targeted $225 million in 2023, remains unclear. Deep-tech investor Interlagos Capital is also raising $400 million for its second fund.

The standout is Diffusion ONE, the first AI-focused fund from former Benchmark investors Victor Lazarte and Kris Fredrickson. According to Forbes (May 2026), the pair previously raised smaller vehicles separately before joining forces. Diffusion ONE initially targeted $800 million but has already secured $1.252 billion . The fund moved quickly, co-leading Harvey's $550 million Series H with Lightspeed Ventures and participating in Etched's $300 million Series C in July.

Benchmark and 8VC File for Multiple New Vehicles

Benchmark appears to be setting up four partner-only funds: Benchmark Partners Founders' Fund T1 ($220 million), Benchmark Partners Founders' Fund 2 ($132 million), Benchmark Partners Founders' Fund 2-A ($4.5 million), and Benchmark Partners Founders' Fund T1-A ($7.5 million). Recent Benchmark addition Jack Altman is listed on every filing.

Joe Lonsdale's 8VC disclosed several new structures: 8VC DSS III ($400 million), 8VC COSC ($30.35 million), 8VC BRSC ($20.35 million), and 8VC AI Fund XI ($13.5 million raised, including capital from 8VC itself). These filings follow 8VC's July close of its seventh flagship fund at $1.5 billion.

Anthropic IPO Prospects Boost Fundraising Pitches

Notable Capital, an early backer of Anthropic, Airbnb, and Square, filed for its fifth fund. Greenoaks, which co-led Anthropic's $65 billion Series H, registered a new vehicle called Greenoaks 7; PitchBook data shows its portfolio also includes Ramp. The timing aligns with Anthropic's advancing IPO plans, giving these firms a concrete exit narrative to market to LPs.

Secondary Market Funds Draw $1.7 Billion+

Industry Ventures' secondary-market fund has gathered at least $1.7 billion since launching in late July. Such funds buy existing private-equity stakes or fund interests, and their growth reflects intense investor demand for shares in hot pre-IPO companies. A family-office advisor told TechCrunch the secondary market is "very hot," and PitchBook senior venture analyst Emily Zheng described Anthropic and OpenAI equity as "among the most contested territory in venture capital."

Editor's observation: The filings show the fundraising power of top-tier firms and the magnetism of AI and deep-tech strategies reinforcing each other. However, fundraising targets, capital actually raised, and eventual investment returns are three distinct metrics. The next test for this capital surge is whether portfolio companies like Anthropic can exit successfully and deliver realized gains.

Source: TechCrunch

Original article: https://techcrunch.com/2026/10/27/from-8vc-to-benchmark-heres-whats-hiding-in-october-sec-filings/