137 Ventures Co-Founder Kathy Chan Becomes An Operating Partner At Khosla

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137 Ventures, the secondary investment firm that recently raised (naturally) a $137 million second fund, is announcing that co-founder and partner Kathy Chan is stepping back from her full-time role at the firm, although she will continue to be involved as a advisor.

Chan will be spending most of her time at Khosla Ventures — a spokesperson for Khosla confirmed that she has joined the firm as an operating partner.

137‘s investment model involves helping founders and early employees get liquidity before their companies get acquired or go public. Its services include loans that use company stock as collateral, as well as buying employee stock outright. Apparently the model was based, in part, on Chan’s experience at Facebook (a company whose stock was hot on secondary markets while it took its time to go public).

Kathy intimately understands entrepreneurs and has always been focused on building companies and marketing new products, including 137 Ventures’ investment model,” managing partner Justin Fishner-Wolfson told me via email. “She was integral to establishing our fund, and we are pleased that she will continue to advise the firm.”

The firm’s portfolio includes SpaceX, Spotify, Eventbrite, and many others. It says it has no plans to hire addition partners. (The current investment team consists of Fishner-Wolfson, Alex Jacobson, Andrew Laszlo, and Alda Leu Dennis.)