First-order effects

• Enterprise-cloud startups would gain a dedicated pool of capital from one of Silicon Valley's marquee firms, at a moment when Kleiner's attention is shifting from consumer social names like Zynga and Groupon toward corporate IT buyers.
• If launched, the vehicle formalizes what was already underway: Kleiner's confirmed move into late-stage growth capital means the fund would likely write larger checks than its early iFund and sFund experiments.

Second-order effects

• Rival venture firms face pressure to field their own enterprise-cloud vehicles rather than let Kleiner corner deal flow in a category where corporate customers sign multi-year contracts — repeating the competitive dynamic the sFund set off among social-focused investors.
• More dedicated capital chasing enterprise-software deals would bid up valuations for cloud-services startups, shifting founder leverage away from consumer-web companies still digesting the post-Groupon IPO climate.

Third-order effects

• Themed funds are hardening into the standard structure for how venture capital organizes itself — a named vehicle per platform wave, following iFund, sFund, and now potentially cloud — which concentrates brand-name capital into whatever category is ascendant.
• A sustained rotation of top-firm dollars from consumer social into enterprise infrastructure would mark a structural handoff in the startup economy, with corporate IT becoming the primary customer base for newly funded companies.