Google announced Wednesday it has invested $1 billion in K1 Investment Management, the new venture capital firm founded by billionaire investor Tom Perkins.
The company is part of Google Ventures, a fund that invests in new businesses and technologies.
Perkins’ firm was formed in 2015.
Perkins, who is a partner in Google Ventures and the CEO of K1, will also be the company’s first board member.
Google Ventures will invest $100 million in the company.
Perkins will lead the company as the first chairman of Google.
Perkins was also the first venture capitalist to invest $1 million in a publicly traded company, Microsoft.
Perkins is also the chairman of the board of the Open Philanthropy Project, which provides grants to nonprofit organizations.
Google’s new venture fund will help Perkins and K1 raise capital for its businesses.
Perkins said that the venture capital fund will be one of the biggest investments of his career.
Perkins has been a leading philanthropist in Silicon Valley and founded a $5 billion foundation to help communities around the world.
He said the money will be invested in businesses and infrastructure, including infrastructure in India.
K1 is a global investment firm focused on investments in emerging markets, including India, Brazil, Mexico, South Africa and China.
Perkins and his partners have raised more than $6 billion from more than 30 investors in over 80 investments.
Perkins previously started K1 in 2005 and is the chairman and CEO.
Perkins founded Perkins Ventures in 2004.
Perkins Ventures and Google Ventures began working together in 2011.
Perkins started as a venture capitalist at Google and has led its business and philanthropic activities.
Perkins also has been the CEO at the Open Society Foundations.
Perkins became one of Google’s biggest investors at the start of the company and has given more than a billion dollars to the nonprofit organizations that support open societies around the globe.
Perkins invested in Facebook, Pinterest and LinkedIn.
Perkins co-founded PayPal and later joined the venture firm.
Perkins joined Google Ventures in 2012 and was its first chairman.