Why Greylock capped its new fund at $1.5B when it says it could have raised more

Greylock's decision to cap its latest fund at $1.5 billion despite the potential to raise more reflects its strategy to maintain a manageable portfolio of around 25 investments per fund. By focusing on fewer but more strategic investments, Greylock aims to be the most crucial partner to its founders, ensuring deeper involvement and better support for each startup. This move highlights Greylock's commitment to maintaining its reputation for hands-on management, which is crucial for the growth and success of its portfolio companies. The choice underscores the firm's preference for quality over quantity in its investment strategy.