Silicon Valley’s most venerable venture capital firm has raised $1.2 billion in two new funds. Kleiner Perkins announced the formation of its thirteenth fund, KPCB XIII, which will invest $700 million in “greentech, information technology and life sciences ventures.” It raised $600 million for its twelfth fund just two years ago, and $100 million of that was earmarked for green technology. Kleiner currently lists 11 companies in its green portfolio, including Altra Biofuels, Ausra, Bloom Energy, and Lilliputian Systems.

Today, Kleiner is also announcing the formation of a standalone $500 million Green Growth Fund, which will work closely with new Kleiner partner Al Gore and his other investment vehicle, London-based Generation Investment Management. Wow, did Kleiner Perkins just hand Al Gore $500 million to go fight global warming?

VentureBeat has more details.