Jack Altman and Benchmark announced today That he will join the firm as a general partner.
This news is a huge deal, especially since Altman has been running his own VC firm, Alt Capital, since at least 2024. The fund raised a $150 million Fund I in early 2024 and then, last September, $274 million Fund II announcedGrew up in just a week. on linkedin, Altman called the last two years Running Alt Capital has been “the most rewarding” of his life as an investor, saying he loves “being part of a team with new ideas and a mission.”
According to PitchBook, Alt Capital invested in at least 52 companies, including Ripple, Antares Nuclear, and CompLabs. It is unclear what will happen to Alt Capital or Benchmark if it acquires its portfolio, as Altman also announced that his fund partners will follow him to Benchmark. (This is also unusual, as the benchmark has historically been structured primarily as a flat firm with layers of only GPs and investors.)
Altman also said he would retain board seats in the companies he backed at Alt Capital.
Altman, younger brother of OpenAI co-founder Sam, is also the founder of HR platform Lattice, of which he is still chairman, according to his LinkedIn profile.
