October SEC Filings Reveal $1.252 Billion Diffusion ONE Fund and New 8VC, Benchmark Vehicles
October SEC filings show Diffusion ONE raised $1.252 billion as Trust Ventures, Interlagos, Benchmark, 8VC and Industry Ventures pursue new venture funds.
Summary
October 2026 SEC filings show Trust Ventures seeking $400 million for Fund V. Salen Churi founded the Austin firm in 2017 to invest in regulated industries, Koch Disruptive Technologies backed its 2018 debut fund, and the status of its $225 million Fund IV sought in 2023 remains unclear. Interlagos Capital is raising $400 million for deep tech Fund II. Former Benchmark VCs Victor Lazarte and Kris Fredrickson raised $1.252 billion for debut AI fund Diffusion ONE, surpassing its $800 million target disclosed in May after both raised smaller funds. Diffusion ONE jointly led Harvey’s $550 million Series H with Lightspeed Ventures and joined Etched’s $300 million Series C in July.
Benchmark filed four partner funds: Benchmark Partners Founders’ Fund T1 at $220 million, Fund 2 at $132 million, Fund 2 A at $4.5 million and Fund T1 A at $7.5 million, with new partner Jack Altman listed on each. Joe Lonsdale’s 8VC is seeking $400 million for DSS III, $30.35 million for COSC and $20.35 million for BRSC, while AI Fund XI has raised $13.5 million, including 8VC capital, after Fund VII raised $1.5 billion in July. Notable Capital, an Anthropic, Airbnb and Square backer, filed for Fund V. Neil Mehta’s Greenoaks, which jointly led Anthropic’s $65 billion Series H and also backed Ramp, filed Greenoaks 7 as Anthropic advances toward a possible public offering, although details remain limited. Industry Ventures has raised at least $1.7 billion for a secondaries fund opened in late July. Demand for private shares is rising, with PitchBook analyst Emily Zheng calling Anthropic and OpenAI stakes among venture’s most contested assets.
Positives
- Diffusion ONE raised $1.252 billion, exceeding its original $800 million target by $452 million.
- Industry Ventures secured at least $1.7 billion for its secondaries fund after opening it in late July.
- 8VC raised $1.5 billion for Fund VII in July and is now pursuing several additional vehicles.
- Trust Ventures and Interlagos Capital are each seeking $400 million for specialized investment strategies.
- Diffusion ONE has already backed Harvey’s $550 million Series H and Etched’s $300 million Series C.
Risks & concerns
- Trust Ventures’ $225 million Fund IV, sought in 2023, has no disclosed closing date or confirmed final amount.
- Notable Capital disclosed a fifth fund filing without specifying how much capital it seeks.
- Several newly filed Benchmark, 8VC, Trust Ventures and Interlagos vehicles remain fundraising targets rather than confirmed closes.
- Anthropic’s latest step toward a possible public offering lacks detail, limiting visibility into potential returns for Greenoaks and Notable Capital.
- Anthropic and OpenAI shares face intense secondaries competition, with Emily Zheng describing them as among venture’s most contested assets.