Accel Partners Raises New Funds Totaling Over $1B, As High-Profile Partners Cut Back Roles

Accel Partners, one of the Silicon Valley’s biggest venture capital firms best known for its early investment in Facebook, has raised two new funds totaling $1.475 billion, Forbes reported earlier today.

According to the report, the $475 million Accel 12 fund will focus on early-stage investments, and a new $1 billion Accel Growth 3 fund will invest in growth-stage companies to help them scale their businesses.

Accel had raised $1.35 billion in two funds in June 2011 to focus on later-stage companies.

In other related news, Fortune reported that Accel Partners’ Jim Breyer was reducing his role at the VC firm. Breyer is known for making the Facebook bet. Fortune added that he will now focus more on investing personal capital.

Breyer’s exit, or reduction in his role at Accel, comes after two of the most respected VCs cut back their roles at the firm in December last year. Kevin Efrusy who identified Facebook as an early investment for Accel and Theresia Gouw Ranzetta, were said to cut back their executive roles at Accel.

We will be updating this story with additional inputs over today.