Benchmark Capital

Benchmark Capital deliberately limits its partnership to five general partners with equal economics, raising only $425 million for Fund VIII—a strategy that is cheaper than the typical rival's mega-fund model with lower management fees. Its early investments in eBay, Twitter, Uber, and Snap prove that discipline outperforms asset gathering, achieving a 14.5x multiple on Uber alone. By keeping each fund under $500 million, Benchmark posts a 68% higher IRR than #1 Sequoia's larger vehicles, according to Cambridge Associates data. This focused approach allows each partner to sit on only 6 boards annually.