VC Victor Lazarte is leaving Benchmark to launch his own firm

After two years as a venture capitalist for top-shelf firm Benchmark, Victor Lazarte is leaving that company to start his own investing gig, he announced on X on Thursday.

Lazarte became known in tech for co-founding mobile gaming company Wildlife Studios, which was last valued at an estimated $3 billion in 2020. Wildlife raised money from a multitude of VCs, including Benchmark.

During his two years at Benchmark, Lazarte invested in recruiting and data labeling startup Mercor, AI video intelligence platform HeyGen, and AI infrastructure company Decart AI.

Lazarte is leaving Benchmark to “build a new investment practice,” he wrote in the post. He had recently informed his portfolio companies about his plans to leave Benchmark, according to a source.

Lazarte is the second investor to step down from Benchmark’s partnership this year. Sarah Tavel announced in April that she is transitioning to a venture partner.

After Lazarte’s departure, remaining partners at the storied firm include Peter Fenton, Eric Vishria, and Chetan Puttagunta.

Unlike most VC firms, where senior partners typically receive a greater share of management fees and profits, Benchmark operates as an equal partnership, with all general partners dividing fees and returns equally. Benchmark and Lazarte did not immediately respond to our request for additional comment.