October SEC filings reveal new venture funds from 8VC and Benchmark
October SEC filings revealed a new wave of venture-capital fundraising, ranging from specialized early-stage vehicles to a multibillion-dollar secondary-market fund. The largest disclosed new AI vehicle was Diffusion ONE, where former Benchmark investors Victor Lazarte and Kris Fredrickson raised $1.252 billion for their debut fund, well above the $800 million target reported in May.
The filings also show active fundraising by Trust Ventures, Interlagos Capital, Benchmark and 8VC. They offer a view of which investment firms are preparing fresh capital for regulated industries, deep technology, artificial intelligence and other venture opportunities.
Large commitments for specialist investment strategies
Austin-based Trust Ventures filed on Monday to raise $400 million for Fund V. Founded in 2017 by Salen Churi, the firm backs founders building in highly regulated industries. Koch Disruptive Technologies backed its debut fund in 2018. Trust Ventures had sought $225 million for Fund IV in 2023, although it remains unclear whether or when that fund closed.
Deep-tech investor Interlagos Capital also filed to raise $400 million for Fund II. The parallel filings underline the prominence of specialized mandates in the current fundraising market, alongside broader AI-focused pools of capital.
Diffusion ONE has already participated in major financings since its launch. It co-led Harvey’s $550 million Series H with Lightspeed Ventures and joined Etched’s $300 million Series C, announced in July. Its $1.252 billion filing materially exceeds the original reported target.
Benchmark and 8VC disclose additional vehicles
Benchmark filed what appear to be four new partner-only funds: Benchmark Partners Founders’ Fund T1, Benchmark Partners Founders’ Fund 2, Benchmark Partners Founders’ Fund 2-A and Benchmark Partners Founders’ Fund T1-A. Their stated targets are $220 million, $132 million, $4.5 million and $7.5 million respectively. Jack Altman, who recently joined Benchmark after leaving his own firm, is listed in every filing.
The filings arrive as Benchmark's later-stage and AI investment strategy outlines Benchmark’s move toward later-stage and AI investing, while the newly disclosed partner vehicles indicate further fund activity within the firm.
Joe Lonsdale’s 8VC also appears to be raising several vehicles: the $400 million 8VC DSS III, 8VC COSC at $30.35 million, 8VC BRSC at $20.35 million and 8VC AI Fund XI. The AI fund has already raised $13.5 million, including capital from 8VC itself. These disclosures follow July news that 8VC raised $1.5 billion for Fund VII.
Secondaries gain importance
Notable Capital filed to raise a fifth fund, while Neil Mehta’s Greenoaks filed for Greenoaks 7. Greenoaks has backed companies including Ramp and Anthropic, according to PitchBook. Industry Ventures has raised at least $1.7 billion for a secondaries fund opened in late July.
The size of that secondaries vehicle reflects growing interest in buying stakes in private companies approaching exits. PitchBook senior VC analyst Emily Zheng described stakes in Anthropic and OpenAI as among venture capital’s most contested assets. For businesses seeking investment or liquidity, the filings suggest that monitoring investor mandates and secondary-market activity can be as important as following headline primary rounds.