FORTUNE — Kleiner Perkins Caufield & Byers last week unveiled its new fundraising plans, at a meeting of the venture capital firm’s limited partners.
Fortune has learned that KPCB plans to target $450 million for its sixteenth early-stage fund, compared to the $525 million it raised two years ago. The firm also plans to raise $750 million for its second “digital growth” fund, compared to its $1 billion predecessor.
Sources say that the early-stage fundraising will go faster than will digital growth. Not only because of the smaller size, but also because there are widespread LP concerns that many recent late-stage tech deals are being done at unsustainable valuations. That said, expect both funds to get raised, given that those macro concerns didn’t scare LPs off of recent “growth” fundraises for fellow Silicon Valley firms like Andreessen Horowitz and Accel Partners.
Two additional KPCB notes:
1. Amol Deshpande, a KPCB partner focused on greentech investing, appears to have launched a startup called the Farmer’s Business Network. According to an SEC filing, the effort has secured $4.6 million (of a possible $6 million) from two investors. I’m guessing one is KPCB, since the effort is based in its Menlo Park headquarters. There had been rumors that Deshpande – one of the younger KPCB partners who basically got passed over in last year’s restructuring – was thinking about launching some sort of agriculture-focused fund, but this appears to be more of a company. Deshpande and a KPCB spokeswoman declined comment.
2. KPCB seems to have added a bunch of new young staffers focused on digital investments, according to its website. They include: Creighton Hicks (ex-VMWare), Anjney Midha (previously with First Round Capital’s Dorm Room Fund) and Alex Kurland (ex-Summit Partners). The firm’s greentech group also has added Paul Yeh, who previously was director of strategy and business development at Fisker Automotive.
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