General Catalyst Targets $5 Billion for Flagship Venture Fund

General Catalyst, a venture capital firm that led a petition to back Silicon Valley Bank last weekend, aims to raise at least $5 billion for its next flagship fund, according to a person with knowledge of the matter.

The firm has begun sounding out existing investors about its 12th vehicle, said the person, who asked not to be identified discussing confidential talks. Its last fund raised $4.6 billion and closed in February 2022.

General Catalyst hasn’t made final decisions on the fund’s size and isn’t expected to begin formal fundraising until later this year, people said. A spokesperson ...