Altos Ventures, the Silicon Valley venture capital firm that has backed companies like Roblox, Coupang, PandaDoc and Quizlet, has secured $500 million for its latest fund, according to SEC Filings. The company has been around for almost three decades and this is its largest fund to date.

Altos Ventures declined to comment on the filing or the new fund.

The multi-stage venture capital firm manages more than 15 funds across three vehicles, according to PitchBook. These include the Altos Ventures and Altos Hybrid funds, which invest in the United States and global companiesas well as Altos Korea Opportunistic Fund, which targets startups in South Korea. Altos Ventures has over $7 billion in assets under management.

Altos Ventures specializes in the enterprise and consumer software sectors, with a strong focus on SaaS, consumer and mobile. The company prides itself on being the “leading institutional investor in high-growth, founder-led companies.”

The new fund is noteworthy because it indicates that established companies continue to raise substantial capital, despite slowdowns in other segments of the venture capital market. Fundraising, for example, has become more difficult for emerging fund managersmany late-stage startups struggle to launch growth cycles, valuations are lower overall (especially when the company in question is not an AI company), and the IPO market is sluggish for years.

Unlike the select group of venture capital firms that to have expanded to multibillion-dollar funds over the past decade, Altos has taken a more restrained approach, consistently capping its funds below $1 billion every few years. This is more in the vein of Benchmark, which has also remained conservative, raise a $425 million fund earlier this year and a additional fund of $170 million reserved for partners.

For these companies, maintaining a strategy focused on making initial investments in a number of early-stage startups (and later-stage bets in the case of Altos) has proven more effective than the massive multi-billion dollar fundraising in pursuit of FOMO deals during both ZIRPs. and the current boom in AI investment.

Data from Cambridge Associates, which builds and manages investment portfolios for institutional investors, confirms this trend: smaller funds have historically generated higher returns. With this in mind, CRV, a veteran venture capital firm more than half a century old, recently returned more than half of its $500 million advanced development fund, citing the inflated valuations of mature startups.

Altos Ventures’ backers appear happy with its investment strategy. The 28-year-old company claims to have been the first and largest investor in more than 50 companies, with more than a dozen portfolio companies going public or acquired by publicly traded companies. To date, Altos has supported nearly 250 companies, according to PitchBook data.