Benchmark adds Jack Altman and his Alt Capital team

Jack Altman is joining the venture capital firm Benchmark as a general partner, which is a senior investment role within the firm. The transition is highly unusual because Altman is bringing his entire team from his previous venture capital firm, Alt Capital, to join him at Benchmark. This move represents a significant structural departure for Benchmark. Historically, the firm has operated with a flat organizational structure composed primarily of general partners, rather than employing the multiple layers of junior associates, principals, and support staff common at other venture firms.

Altman has been running Alt Capital since at least 2024. Under his leadership, the firm raised two distinct investment vehicles, known as funds, to back early-stage startups: a $150 million Fund I in early 2024, and a $274 million Fund II in September. On LinkedIn, Altman described his time running Alt Capital as “the most rewarding” of his life, noting that he loved “new ideas and being part of a team with a mission.” During its operations, Alt Capital invested in at least 52 companies. Its investment portfolio includes the HR platform Rippling, the nuclear energy company Antares Nuclear, and the technology firm CompLabs.

Beyond his work in venture capital, Altman is the founder of Lattice, an HR platform that he continues to chair. He is also the brother of Sam Altman, the co-founder of OpenAI.

Following his move to Benchmark, it remains unclear what will happen to Alt Capital as an independent entity, or whether Benchmark has acquired its existing portfolio of investments. However, Altman has announced that his teammates from Alt Capital will follow him to Benchmark. He will also retain his board seats—the formal oversight positions on a company’s governing board—at the startups he backed while operating Alt Capital.

Why it matters

Benchmark has historically operated as a flat firm with primarily GPs; Altman’s arrival with his entire team signals a potential shift in how the firm scales its operations.