This article first appeared in Term Sheet, Fortune’s newsletter on deals and dealmakers. Sign up here.
Kleiner Perkins Caufield & Byers has begun the process of spinning out its greentech-focused investment arm into a separate entity, Fortune has learned.
An SEC filing from last week confirms the name and the raise: A fund called G2VP I is raising capital with a target of $275 million. Partner David Mount is listed as a managing member, alongside Brook Porter, Benjamin Kortlang, and Daniel Oros. The firm has held a first close on the funds, Fortune has learned.
Mount declined to comment on the move or raise, citing SEC regulations. A placeholder website for G2VP doesn’t add much in the way of context.
Kleiner Perkins initially started investing in cleantech in 2006 with a $100 million seed fund. Two years later the firm dedicated $500 million to the Green Growth Fund. The Wall Street Journal, which reported on the split in February, noted that Green Growth has $1 billion under management.
