On the heels of the news that Founders Fund has raised a massive $1 billion for its fifth fund, the venture capital firm is slimming down its top ranks, with now-former partner Sean Parker stepping down.
While the split is perhaps surprising given that Founders Fund is more than able to line up capital to invest, according to the firm, Parker’s exit is neither immediate nor rancorous: “Sean has been winding down his involvement with the fund over the last few years to focus on other projects. He remains a friend and advisor to several members of the team, but he’s no longer investing on behalf of the firm as of the close of fund V.”
Founders Fund went on to indicate that Parker would not abdicate his board seats on Spotify and other companies as part of the transition.
Parker is best known for his founding role at Napster, and his work with Facebook during that comapany’s infancy. Founders Fund, which he helmed along with other partners such as Peter Thiel, has invested in firms as diverse as Palantir, Stripe, and Path.
Including its new $1 billion, Founders Fund has raised a total of $2.15 billion.
In recent months, Parker has taken dings for an outlandish wedding. A startup that he helped cofound, AirTime, has seen little oxygen.
IMAGE BY FLICKR USER OFFICIAL LEWEB PHOTOS UNDER CC BY 2.0 LICENSE (IMAGE HAS BEEN CROPPED)