Silicon Valley VC personnel moves
We'd heard some of the rumors, and now they are out:
Via PE Week:
Stu Phillips and Dave Shrigley have left the general partnerships of U.S. Venture Partners and Sevin Rosen Funds, respectively. No formal response yet from USVP on Phillips [note: though VentureWire did reach Phillips (sub required) did reach Phillips, who said he is planning to raise an early-stage tech fund, but gave no details on timing, size, etc], but Sevin Rosen's John Jaggers says that Shrigley is transitioning out because his later-stage focus no longer meshes with the firm's increased emphasis on seed-stage and early-stage deals. Shrigley is still working out the firm's Palo Alto office, and plans to maintain at least one of his board seats.
Also, PE Week's Dan Primack reports Lighthouse Capital Partners, a venture debt firm, has told its limited partners to expect some changes soon:
Gwill York, a managing director and firm co-founder, told me yesterday that certain members may leave, but that the firm is not going anywhere. "I'm not sure what the exact lineup will be, but there will be a Fund VI," she said. She adds that the investment strategy will not change, and that Lighthouse has enough dry powder in its fifth fund ($366m, closed in 2002) to last until Q1 2007.
And earlier, if you didn't..
Worldview Technology Partners has begun looking to raise between $250 million and $300 million for its fifth fund....Firm co-founder Mike Orsak will cut back his responsibilities by transitioning from a "general partner" to a "partner" role, which basically means that he‰¥úll just do one or two deals per year. Also, general partner Susumu Tanaka is beginning semi-retirement with a new title of chairman of Japanese operations.
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