Home / Business and Economy / Jack Altman Joins Benchmark, Exits Alt Capital
Jack Altman Joins Benchmark, Exits Alt Capital
18 Feb
Summary
- Jack Altman departs Alt Capital to join Benchmark as general partner.
- Altman's previous firm, Alt Capital, had raised $275 million for its second fund.
- Benchmark's 2020 fund has seen significant returns, now worth over 10 times its initial investment.
Jack Altman, a venture capitalist and entrepreneur, has joined Benchmark as a general partner. This move comes just two years after Altman established his own firm, Alt Capital. Alt Capital had recently secured $275 million for its second fund, though much of this capital will not be collected from investors, and the firm will cease new investments.
Altman will continue to serve on the boards of startups he previously supported. His transition to Benchmark places him within a more established venture capital firm that has experienced substantial growth in its artificial intelligence investments. Benchmark's 2020 fund, for instance, has reportedly yielded over tenfold returns for its investors.
Benchmark's investment portfolio from its 2020 fund includes notable startups such as legal AI company Legora and AI hiring startup Mercor. The firm, founded in 1995, has a history of early investments in major companies like Uber and Snap. Despite some past hesitations regarding large language model investments, the strong performance of its 2020 fund is bolstering confidence in its AI strategy.
This hiring follows a period where Benchmark saw three general partners depart. Altman's arrival brings the firm's general partner count back up to five, aligning with its operational philosophy of functioning best with a fully staffed team. Last year, Everett Randle was also hired as a general partner.
