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Matt Cohler speaking at a tech conference in 2011. Photo by Araya Diaz/Getty Images.

Two of Benchmark Capital's longtime general partners, Matt Cohler and Mitch Lasky, are stepping back as the venerable venture capital firm raises its ninth fund.

Why it matters: Cohler was one of the earliest Facebook employees, and led Benchmark's investments in companies like Dropbox, Instagram and Domo. He's also been its rep on Uber's board since late last year. Lasky, a former gaming executive, is best known at Benchmark for leading its early investment in Snapchat.

  • Both Cohler and Lasky are expected to maintain their current board seats, and both transitions are voluntary.
  • Lasky's expected departure was first reported on over the summer.
  • Amicable transitions tied to new fundraises are not uncommon at Benchmark, where former general partners sometimes make investments after they are no longer GPs (something both Cohler and Lasky will be able to do).

Benchmark disclosed the general partnership changes on Monday in an SEC filing for Fund IX, which is said to be fully subscribed on $425 million — the same amount Benchmark raised for Fund VIII in 2013.

Only two general partners from that last fund, Peter Fenton and Bill Gurley, are still listed for the new one. New general partners include Chetan Puttagunta (joined in 2018), Sarah Tavel (2017) and Eric Vishria (2014).

Go deeper

Hill votes will make global waves

President Biden addresses the UN General Assembly on Sept. 21, 2021 in New York City. Photo: Eduardo Munoz-Pool/Getty Images)

This epic week for President Biden on Capitol Hill is even bigger than his domestic agenda.

Why it matters: Biden has anchored his entire strategy for foreign affairs on the notion that "America is back." What that means in practice is that Biden needs to prove democracy works to rally America’s liberal allies against rising authoritarians.

3 hours ago - World

German election: Exit polls show close race to succeed Angela Merkel

SPD leader Olaf Scholz. Photo: Alex Kraus/Bloomberg via Getty Images

BERLIN — The first exit poll from Sunday's German elections showed the center-left Social Democrats (SPD) and the center-right Christian Democrats (CDU) in a dead heat at 25%, leaving the race to succeed Angela Merkel too close to call.

The state of play: A second exit poll showed the SPD narrowly ahead. That's the one televisions displayed at SPD headquarters in Berlin, where the room erupted into cheers. Official results will roll in throughout the evening.

Abbott says he'll hire Border Patrol agents on horseback if they're fired

Texas Gov. Greg Abbott (R) on Sunday defended the actions of U.S. Border Patrol agents who charged at Haitian migrants on horseback, blaming the Biden administration for not preventing them from crossing the border.

Why it matters: Abbott's remark on "Fox News Sunday" comes amid increased backlash over the incident, with President Biden saying, "I promise... those people will pay,” and the Department of Homeland Security launching an investigation.