SV Angel targets a much smaller fund this time around

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SV Angel, the seven-year-old, San Francisco-based seed-stage venture firm founded by renowned investor Ron Conway, is targeting $46 million in funding, shows a new SEC filing that states the first sale has yet to occur.

The firm is currently managed by Conway’s son, Topher Conway, along with general partners Brian Pokorny, Kevin Carter, and Robert Pollack. It also employs one principal and two associates.

SV Angel closed its last fund with $75 million in 2014. The Conways had said on stage at our Disrupt event last September that their next fund would be closer to $40 million in a return to its seed investing roots.

The firm’s investments include Airbnb and Pinterest, among dozens of others.

Over lunch with this reporter last fall, Ron Conway said he was still involved in SV Angel but that its day-to-day operations are very much left to the rest of the team.

That team was altered meaningfully last May when former Google executive David Lee, who’d helped Conway launch SV Angel and was largely steering it, suddenly parted ways with the firm.

“David has made a personal decision to spend more time with his wife, children, and extended family in Los Angeles,” the firm announced, seemingly out of the blue. It added that Lee’s resignation was “effective immediately,” with both Conways taking over as the firm’s co-managing partners.

Lee hasn’t announced his next moves publicly yet, though presumably he’s seeing plenty of companies across L.A.’s bustling startup scene. On LinkedIn, he lists himself only as an L.A.-based tee ball manager for his children’s little league team.