Jack Altman joins Benchmark as GP

Jack Altman and Benchmark it was announced today that he will join the company as a partner.

The story is big, especially since Altman has been running his VC firm, Alt Capital, since at least 2024. The fund raised $150 million Fund I at the beginning of 2024 and then, last September, announced the $274 million Fund IIthey grew up in just one week. On LinkedIn, Altman has sung for the past two years running Alt Capital as the “most profitable” investor of his life, adding that he loved “new ideas and being part of a team.”

Alt Capital has invested in at least 52 companies, according to PitchBook, including Rippling, Antares Nuclear, and CompLabs. It is unclear what happens to Alt Capital or whether Benchmark has recovered its reputation, as Altman has also announced that his fund partners will follow him to Benchmark. (This is also unusual, as Benchmark was originally designed as a flat company with only GPs, as opposed to investors.)

Altman also said he would retain board seats at companies he supported while at Alt Capital.

Altman did not respond to a request for comment today; Benchmark declined to comment.

Altman, the brother of OpenAI founder Sam, is also the founder of the HR platform Lattice, which he still chairs, according to his LinkedIn profile.