Benchmark Capital is raising up to $505 million for its seventh fund, according to a pair of regulatory filings. The vehicle is split into a $425 million general fund and an $80 million "founders fund," which I'd assume will be made up of past and present portfolio company founders.
The Silicon Valley venture firm lists seven partners on its filings, but does not include firm co-founder Bob Kagle or partner Alex Balkanski. I've put in a call to the firm to learn what, if anything, the omissions mean. If it turns out that Kagle is stepping back, he would be the second of the firm's founding quartet to do so (Andy Rachleff is listed on the firm's website as an "alumni partner").
Benchmark closed its sixth fund in 2008 with $500 million. Recent investments include Zendesk, Quora and GrubHub.