Kleiner Perkins closes two funds on $1.2bn

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caliVenture capital firm Kleiner Perkins Caufield & Byers has closed two funds with commitments of $1.2bn.

Early-stage fund Kleiner Perkins Caufield & Byers XVI has held a final close on $450m and later-stage-focused vehicle KPCB Digital Growth Fund II has been closed on $750m, said Dow Jones, citing a person familiar with the situation.

Both funds were oversubscribed, said the source.

Last month AltAssets reported that the Menlo Park-based firm was seeking $1.2bn for the two funds.

Kleiner Perkins’ fifteenth flagship fund was closed on $525m in 2012, two years after raising $650m for its previous fund. The firm’s main funds target seed, early and growth companies, making investments of between $100,000 and $75m.

The firm’s first digital fund secured commitments of $1bn and was closed in 2010.

Earlier in 2014, KPCB reinvested in motion sensor maker mCube through a $37m Series C financing round.

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