Kleiner Perkins closes $525M fund, makes changes

We reported last month that venture firm Kleiner Perkins has been working on closing its next fund, and both cleantech focused partners Ray Lane and Bill Joy are not listed as heading up investments for the new fund. Kleiner confirms those moves in an announcement on Thursday along with the fact that Kleiner has now closed its $525 million fund 15.
Fortune’s Dan Primack first reported last month that Kleiner has been making a transition in the partnership structure, including transitioning these two to focus on current investments, instead of leading new investments. Kleiner partner Brook Byers is also not named as a general partner on this new fund.
Kleiner notes that it will still be investing in cleantech in the new fund, but also points out that a further emphasis on digital will be made in the fund, and highlights new hires with expertise in mobile, social and cloud, including Mike Abbott, Bing Gordon and Mary Meeker. While Kleiner continues to say that it will still invest in cleantech, it seems like the firm isn’t placing the same emphasis on it as before.
There’s been a lack of successful cleantech exits for Kleiner to date to be sure. In recent weeks Luca Technologies pulled its IPO plans, and Silver Spring Network’s IPO has yet to come through. Electric car maker Fisker Automotive has continued to struggle for various reasons. Only solar inverter company Enphase Energy managed to make it out in March.