Jack Altman and Benchmark said today that Altman is joining the venture firm as a general partner.
The move stands out — especially because Altman has been operating his own venture shop, Alt Capital, since at least 2024. That firm raised a $150 million Fund I early in 2024, and then, in September, announced a $274 million Fund II that it said was raised in just one week. In a LinkedIn post, Altman described the last two years building Alt Capital as “the most rewarding” of his life, writing that he enjoyed working on “new ideas” and being part of “a team with a mission.”
PitchBook data lists Alt Capital as having invested in at least 52 companies, including Rippling, Antares Nuclear, and CompLabs. What happens next with Alt Capital isn’t clear — or whether Benchmark is taking over the portfolio — since Altman also said that his teammates from the fund will be moving with him to Benchmark. That detail is notable on its own, given Benchmark’s long-running reputation for a flat structure that’s largely made up of GPs, rather than multiple layers of investing staff.
Altman added that he plans to retain the board seats he held with the companies he backed while at Alt Capital.
Altman did not respond to requests for comment earlier today, and Benchmark declined to comment.
Altman — the younger brother of OpenAI co-founder Sam Altman — is also the founder of the HR software platform Lattice, where his LinkedIn profile indicates he continues to serve as chairman.
