Jack Altman and Benchmark announced today that he will be joining the firm as a general partner. This move is significant, as Altman has been running his own venture capital firm, Alt Capital, since at least 2024. Alt Capital raised a $150 million Fund I in early 2024 and then announced a $274 million Fund II last September, which was raised in just one week.
On LinkedIn, Altman reflected on the past two years running Alt Capital as an investor, calling them the most rewarding of his life. He expressed his love for new ideas and being part of a team with a mission. According to PitchBook, Alt Capital invested in at least 52 companies, including Rippling, Antares Nuclear, and CompLabs.
The future of Alt Capital remains unclear, including whether Benchmark has acquired its portfolio. Notably, Altman announced that his teammates from the fund will be following him to Benchmark. This is an unusual development, as Benchmark has historically been structured as a flat firm with primarily general partners only, rather than having layers of investors. Altman also stated 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, and Benchmark declined to comment. Jack Altman, a younger brother of OpenAI co-founder Sam Altman, is also the founder of the HR platform Lattice, which he still chairs according to his LinkedIn profile.