While many top-tier venture firms are chasing ever-larger pots of gold, Greylock Ventures has chosen to stick with its guns – or rather, its funds. On Tuesday, the 61-year-old firm announced a $1.5bn fund, a number that, while still impressive, is a mere drop in the bucket compared to some of their peers.

The rationale? Saam Motamedi, a partner at Greylock, explained: 'Our mission is to be the most important partner to the most important entrepreneurs.' This means keeping things intimate – and investing in one or two new companies each year. A modest 25 portfolio companies are expected from this fund alone.

The firm has always focused on seed and early-stage investments, a strategy that’s paid off handsomely over the years. Palo Alto Networks, for instance, was born inside Greylock's offices way back in 2001 – and it's now worth $38bn. But Greylock isn’t stuck in the past; they’re still willing to take a chance on later-stage companies like Anthropic, which they invested in when the company was valued at an eye-watering $183bn.

Despite this, Greylock remains committed to getting to know its potential stars even before they launch their ventures. 'It’s really a bet on the person,' Motamedi says. 'Often the company doesn’t exist yet.' This approach is what sets Greylock apart in an era of massive funds and high valuations.