Sources informed Bloomberg that VC firm General Catalyst intends to start raising capital for its 12th flagship fund, with a target set at $5B.
The firm is still evaluating the fund size and is poised to start fundraising by the end of this year.
If successful in raising the target amount, the fund will be the firm's largest to date and fourth largest U.S.-based venture fund on record.
- General Catalyst last closed a $4.6B fund in February 2022.
- The Cambridge, Massachusetts-based VC firm typically invests in startups across health care, fintech, crypto, AI, climate, and education sectors.
- Notable portfolio startups include Airbnb, Snap, Warby Parker, Stripe, and Instacart.
- The latter two slashed their valuations last year, denting General Catalyst's portfolio value.
Yesterday, General Catalyst led a $350M Series B funding round into AI chatbot startup Adept along with Spark Capital.
