Jack Altman and Benchmark announced today that he would be joining the firm as a general partner.
This news is a big deal, especially since Altman has been running his own VC firm, Alt Capital, since at least 2024. The fund raised a $150 million Fund I in early 2024 and then, just last September, announced a $274 million Fund II, raised in just a week. On LinkedIn, Altman called the past two years running Alt Capital as an investor “the most rewarding” of his life, adding that he loved “new ideas and being part of a team with a mission.”
Alt Capital invested in at least 52 companies, according to PitchBook, including Rippling, Antares Nuclear, and CompLabs. It’s unclear what happens to Alt Capital or whether Benchmark has acquired its portfolio, as Altman also announced that his teammates from the fund will be following him to Benchmark. (That’s also unusual, given Benchmark has historically been structured as a flat firm with primarily GPs only, versus layers of investors.)
Altman also said he will retain the board seats at the companies he backed while at Alt Capital.
Altman did not respond to requests for comment earlier today; Benchmark declined to comment.
Altman, a younger brother of OpenAI co-founder Sam, is also the founder of the HR platform Lattice, which he still chairs, per his LinkedIn profile.
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