Despite Slump, Venture Firm Sets Up $575 Million Fund

ven amid the contraction of the venture capital industry, which fertilizes the seeds of new technology start-ups, some firms are expanding.

On Monday, Greylock Partners, which has backed Facebook and LinkedIn, announced that it had put together a new $575 million fund, one of the biggest to be created in the last year. It has also hired a new partner, Reid Hoffman, the founder of...