Former Benchmark Investors Lazarte And Fredrickson Aim Big WIth $800 Million AI Fund

Two former Benchmark investors are pursuing a bold new fund, pitching an $800 million AI vehicle less than a year after leaving Benchmark. Victor Lazarte, who left Benchmark in July 2025 after backing Mercor, Heygen, and Applied Compute, previously raised $200 million for his own fund, VL, and now plans to co-manage Diffusion with Kris Fredrickson, aiming to raise roughly $800 million to back early and growth-stage AI startups. Fredrickson began his investing career at Benchmark before moving to Coatue, where he backed Instacart, Chime, and Scale AI. Forbes reported he had raised $175 million for a growth fund, Verified. The partnership is unusual for VC funds and could test backers as mega-funds dominate the landscape.