Venture Capital firm General Catalyst is in discussions with investors to raise approximately $10 billion in new capital, a number that would set the firm’s size well above other venture firms in the U.S.

The $10 billion would be allocated to various vehicles, including growth and early-stage venture funds. It is understood that these conversations are still in the early stages, and fundraising targets could change, sources told Bloomberg.

General Catalyst has expanded rapidly, growing from about $18 billion in assets under management (AUM) in 2021 to more than $40 billion by 2025.

The firm has made several investments in large companies such as artificial intelligence company Anthropic, fintech firm Stripe, defense and government surveillance company Anduril, and travel lodging company Airbnb.

General Catalyst has also acquired several companies outright, including European venture firm La Famiglia and Ohio-based health system Summa Health. 

In December, General Catalyst and Trian Fund Management agreed to acquire Janus Henderson Group for $7.4 billion. That transaction is expected to close mid-2026, subject to regulatory approval.

The transaction will be managed by Trian and General Catalyst and supported by financing commitments from global investors, including Qatar Investment Authority, MassMutual, and Sun Hung Kai & Co.

In 2024, the firm merged with Indian venture firm Venture Highway in an effort to bolster its India investment strategy. 

General Catalyst was founded in 2000 by Joel Cutler and David Fialkow. The venture firm partners with entrepreneurs to drive resilience and applied AI. 

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