How the Kleiner Perkins Empire Fell

The former Stanford classmates, both within spitting distance of their 30th birthdays at the time, did what entrepreneurs have been doing for decades: They asked the venerable venture capital firm Kleiner Perkins Caufield & Byers to back them. But this time its whiffs came with a perverse twist: Kleiner was succeeding wildly with a new strategy centered around Meeker, who ran a separate fund within the firm focused on more mature private companies that required capital to grow as opposed to merely establish themselves. Yet Meeker’s investment team outperformed the venture group overseen by longtime Kleiner leader John Doerr and a rotating ensemble of lesser-known investors who joined and left him over the years.

Source: fortune.com