Core Insights - Benchmark is facing significant challenges with its GP team, which has now dwindled to just three members [1][2] - The firm has recently raised a new fund of $425 million focused on AI investments [1][10] - Victor Lazarte, a GP partner, has announced his departure to start his own VC, marking a notable shift in Benchmark's team dynamics [2][5] Team Changes - Miles Grimshaw left Benchmark to join Thrive Capital for more flexible investment opportunities [1] - Sarah Tavel transitioned from GP to Venture Partner to focus on AI research [1] - Victor Lazarte's exit leaves Benchmark with only three remaining GP partners: Chetan Puttagunta, Eric Vishria, and Peter Fenton, each recognized for their expertise in different sectors [2] Investment Performance - During his two years at Benchmark, Victor Lazarte led investments in several AI companies, achieving significant returns [3] - Benchmark invested $60 million in Wildlife Studios, which has grown from a $1.3 billion valuation in 2019 to $3 billion, with total revenues exceeding $2 billion [2][3] - Lazarte's investments have reportedly generated over $1 billion in returns from an investment of $160 million [3] Future Directions - Lazarte plans to focus his new fund on AI investments and will continue to collaborate with former Benchmark colleagues [7] - Benchmark remains committed to investing in AI companies founded by Chinese teams, despite facing criticism from some industry peers [4]