If you follow the inner workings of Silicon Valley venture capital, you know that Benchmark operates differently than almost anyone else. They don’t have a CEO. They don’t scale up to dozens of partners. They famously maintain a small, equal partnership where everyone shares the profits evenly.
That model relies heavily on having the exact right mix of personalities around the table, and for the last year, that table has looked a little empty. That changed on February 17, 2026, when the firm announced that Jack Altman has joined as a General Partner.
This is a significant move for the Sand Hill Road legend. Altman, best known for founding the HR software unicorn Lattice and running his own firm, Alt Capital, steps in to fill a crucial gap in Benchmark’s roster. It marks the culmination of a rebuilding phase for the firm, which has seen notable departures and role changes in recent years.
Who is currently steering the ship at Benchmark?
With Altman’s arrival, the firm effectively stabilizes its leadership team. Benchmark has historically operated best with five or six General Partners, and Altman becomes the fifth active member of this current generation.
He joins a roster that includes:
Peter Fenton: The longest-serving active partner and a veteran of the industry.
Eric Vishria: A key figure in the firm’s enterprise software investments.
Chetan Puttagunta: Known for deep infrastructure and developer tool investments.
Ev Randle: The most recent addition prior to Altman; Randle joined in late 2025 from Founders Fund and Kleiner Perkins.
This lineup is the result of a turbulent period for the partnership. The firm saw the departures of Victor Lazarte, who left to start his own firm in 2025, and Miles Grimshaw, who returned to Thrive Capital in March 2024. Additionally, Sarah Tavel transitioned into a Venture Partner role to focus specifically on AI investments, opening up space for new blood in the core partnership.
What does Jack Altman bring to the table?
Benchmark has a long history of favoring partners with “operator DNA”—investors who have actually built and scaled companies themselves. Jack Altman fits this archetype perfectly.
Before moving into investing full-time, Altman founded and led Lattice, scaling it into a multi-billion dollar entity in the HR software space. That experience gives him credibility with founders that pure finance professionals often lack. Beyond his operating resume, he brings a massive network. As the brother of OpenAI CEO Sam Altman and a prolific angel investor through Alt Capital, he has deep tendrils into the AI and B2B software ecosystems.
According to reports, three members of the Alt Capital investment team will also be moving over to Benchmark to support Altman. This acqui-hire style approach suggests Benchmark is keen to hit the ground running, absorbing not just a partner, but an operational deal-flow engine.
What happens to Alt Capital?
Whenever a solo capitalist or boutique fund manager joins a major institution, the immediate question is: “What happens to the old fund?”
In this case, the transition appears to be a hybrid one. Altman has confirmed he will retain his existing board seats from his time at Alt Capital. This is standard practice, as founders typically want the specific individual they chose to remain involved, regardless of the logo on their business card.
However, the future mechanics of Alt Capital’s existing funds are a bit more complex. The firm had raised a $275 million fund in late 2025. While the long-term management structure of that capital remains partially clarified, the absorption of his investment team into Benchmark suggests that his forward-looking focus will be entirely on the new partnership.
The Bigger Picture
This appointment is a massive stabilizing force for Benchmark. After losing two partners and seeing a third step back in 2025, the firm faced questions about its ability to retain top-tier talent in an era where “solo capitalism” has become incredibly lucrative. By recruiting Jack Altman—who was successfully running his own firm—Benchmark has proven that its equal-partnership model still holds immense gravity in the ecosystem.
For the market, this consolidates power. Altman was already a rising kingmaker in B2B software; giving him the Benchmark checkbook and brand leverage makes him arguably one of the most powerful early-stage investors in the Valley overnight. It also signals that for all the hype around solo GPs, the institutional advantages of a firm like Benchmark—mentorship, legacy, and cross-pollination with partners like Peter Fenton—remain undefeated.
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