EVolution Aims to Raise $1 Billion for Projects

EVolution Global Partners, a new venture that will work with large companies to spin off Internet businesses, expects to raise about $1 billion in the next year as it begins three projects, said John Doerr, a partner at venture capital firm Kleiner Perkins Caufield & Byers.

Kleiner Perkins is one of three partners in eVolution, along with consulting firm Bain & Co. and the managing partners of Texas Pacific Group, a buyout firm led by financier David Bonderman. The partners made an initial investment of more than $100 million in eVolution, Doerr said in an interview at the annual meeting of the National Venture Capital Assn.

“Our aim is to help corporations build Internet assets and unlock value,” Doerr said. “Kleiner has been receiving a proposal a day, saying, ‘Help us build an Internet business.’ It’s an unaddressed opportunity.”

The joint venture underscores the growing links between venture capital firms and buyout firms in pursuing Internet investments in the U.S. and abroad.

“Kleiner never invested outside the U.S.,” Doerr said. “In the first year, we might run three projects. The key is to build a team.”

The new company will provide a platform to invest in and build the Internet businesses through connections with technology companies, service companies, and international capital providers. The firm will be based in London, with offices in Munich, Tokyo, Hong Kong, and San Francisco.