Jack Altman and Benchmark announced today that he will join the firm as a general partner.
The news is a big 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, just last September, announced a $274 million Fund II raised in just one week. On LinkedIn, Altman called the past two years running Alt Capital “the most rewarding” of his life, adding that he loves “new ideas and being part of a team with a mission.”
Alt Capital has invested in at least 52 companies, according to PitchBook, including Rippling, Antares Nuclear and CompLabs. It’s unclear what will happen to Alt Capital or whether Benchmark has acquired its portfolio, as Altman has also announced that his fund teammates will follow him to Benchmark. (This is also unusual, given that Benchmark has historically been structured as a flat firm with primarily only GPs, as opposed to layers of investors.)
Altman also said he would retain board seats in the companies he backed at Alt Capital.
Altman did not respond to requests for comment today; Benchmark declined to comment.
Altman, the younger brother of OpenAI co-founder Sam, is also the founder of HR platform Lattice, which he still chairs, according to his LinkedIn profile.
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