Sequoia, a top U.S. venture capital firm, is targeting a new fund between $5 billion and $6 billion, sources familiar with the matter told CNBC.
The talks are in the early stages, one source said, adding that the fund size could be higher or lower than the target.
It would be a globally-focused fund to invest in technology companies. The fund would also be the third global growth fund for the company. The previous two were $700 million in 2012, and $2 billion in 2015. The third fund would likely be higher than this.
A Sequoia spokesperson declined to comment.
The news comes as private tech companies are staying private for longer and valuations are rising. Instead of choosing the public markets, firms like Uber are opting to take later stage funding.
Meanwhile SoftBank, which recently took a stake in Uber, has come to the market with a $100 billion fund, and getting into many later-stage businesses.