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Kleiner Perkins uses special LP meetings to vow performance improvement

7 Mar 2013

boardroom3_170sqUS venture capital veteran Kleiner Perkins Caufield & Byers has reportedly told investors it plans to redouble efforts to make strong returns during a series of special gatherings with LPs.

Kleiner has failed to hit a stellar return from a deal since Google held its IPO in 2004, but has seen strong fundraising performance thanks to its existing reputation for backing winners such as Amazon and Netscape.

Recent investments in businesses such as Groupon and Zynga have not hit the same heights, however, leading the firm to call several meetings to reassure investors it had not lost its spark, according to Reuters.

It cited people familiar with the discussions, including one LP who attended a meeting.

He said, “They’re just frustrated and upset that the performance hasn’t been as good as they think it should be, and they are candid about it.”

Reuters said the message from the firm was “we’re not naïve. We get it. We’re going to work our ass off,” according to the investor.

KPCB hit its $525m target for its 16th fund last May in what it described as an oversubscribed fundraise.

The total was below the $650m the firm raised for its last fund in 2010, but may have been increased to $575m at the final close. Kleiner has not revealed

KPCB invests across seed, early and growth companies through investments between $100,000 and $75m.

The latest fund will focus on early-stage digital consumer and enterprise, green tech and life sciences companies.

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