Greylock is raising the 14th fund in its 48-year history.

Partners, including David Sze and LinkedIn co-founder Reid Hoffman, are now spoken of in the same breath as legendary investors John Doerr of Kleiner Perkins Caufield & Byers and Michael Moritz of Sequoia Capital.

In a meeting with its investor group in early July, Greylock announced plans to raise $1 billion for a new investment fund, the 14th in its 48-year history, according to four people who declined to be named because they weren’t authorized to discuss the matter. There’s little question that the firm’s small circle of regular investors, which includes universities and family endowments like the Hewlett Foundation, will pony up quickly.

“These guys have been doing pretty much everything right for a long period of time,” says Yale Chief Investment Officer David Swensen, a Greylock investor credited with pushing university endowments into alternative investments like hedge funds.

The article says Greylock made some mistakes but learned quickly and now is one of the best VC firms in the world.