VC firms rarely reinvent themselves. Kleiner Perkins did—and has a new $3.5 billion to show for it

(Credit: Courtesy of Kleiner Perkins)

History has weight, and few know that better than the team at Kleiner Perkins. 

Throughout 2025, I spent several days inside Kleiner Perkins, interviewing partners, portfolio companies, and firm leads Mamoon Hamid and Ilya Fushman about the legendary VC firm’s unlikely turnaround.