Venture Capital Sees Unprecedented Partner Shake-Ups as Top Investors Switch Firms and Launch New Funds

Venture capitalists are making some big moves lately. Names like Keith Rabois and Ethan Kurzweil are switching firms or even starting their own funds this year. This is surprising because, in the venture capital world, it’s not common for folks at the partner level to jump around.

VC funds typically have a lifespan of about ten years. This means partners usually stick around. Sometimes, a fund has a “key man” clause. If that key person leaves, limited partners can decide to pull their money out. Plus, many partners invest their own money into their funds. This gives them even more reason to stay put.

But in 2024, we’re seeing a shift. More investors are returning to old firms, launching new ventures, or even taking breaks from investing. There have been some noteworthy hires, too.

For example, on November 5, Andreessen Horowitz announced that Brian Roberts is joining as a general partner. He’ll work with the firm’s American Dynamism and AI Apps funds. Roberts has a strong background, having served as CFO at companies like Splunk, OpenSea, and Lyft. On the same day, they also welcomed Andy McCall as a general partner. He comes from various roles at Samsara.

Paris Heymann recently left his position at Index Ventures to join J.P. Morgan as a co-managing partner. This was announced on October 15. Heymann helped launch Index’s New York office in 2022 and was a partner at Arena Holdings before that. Then, on October 9, Julian Eison shared on LinkedIn that he’s stepping away from his role as managing partner at Next Ventūres. He’s taking some time to figure out his next steps after backing companies like Pair Team, Juno Medical, and Vital Biosciences.

Sandhya Venkatachalam has spun out of Khosla Ventures after four years. She’s launched Axiom Partners, aiming for $50 million for her debut fund focused on AI and machine learning startups. This news was confirmed on October 8.

James da Costa announced on September 17 that he’s joining Andreessen Horowitz as a partner. He’ll focus on B2B software and financial services. This marks his first venture investing role after co-founding an African neobank called Fingo. On September 11, Jacob Westphal announced he’s leaving Andreessen Horowitz after three and a half years to become the portfolio lead at Will Ventures.

Freestyle VC announced on August 15 that Maria Palma has joined as a general partner in San Francisco. Palma was previously a general partner at Kindred Capital in London, backing companies like Moov, Novo, and Lottie.

Alex Cook is preparing to leave Tiger Global after nearly seven years. During his time there, he led deals including TradingView, Scalapay, and TrueLayer. Bessemer Venture Partners added Lauri Moore as a partner on July 22. Moore was a partner at Foundation Capital for two years and worked at LinkedIn before that. On July 17, DCVC announced Milo Werner as a general partner to lead their climate investing practice while they raise their first dedicated climate fund. Werner was previously a general partner at Engine Ventures.

Anne Lee Skates announced her departure from Andreessen Horowitz on July 11. She had been a partner on the consumer team since 2019 and has backed companies like Whatnot, Kindred, and Prisms. Spencer Peterson announced on June 17 that he left Bedrock after five years to become a general partner at Coatue. He has invested in companies like OpenAI and Rippling.

Amanda “Robby” Robson announced her departure from Cowboy Ventures in early June. She had been at Cowboy Ventures since October 2019 and at Norwest Venture Partners for three years prior. Robson plans to launch her own fund.

Alison Stillman, a founding partner of Serena Ventures, stepped back from the firm on May 14 after nearly six years. She hasn’t announced her next step yet. Terri Burns announced on May 13 that she’s launching a new venture firm called Type Capital. Burns was the first Black woman partner at GV and left the firm in 2022. Recently, Eva Ho, co-founder of Fika Ventures, is transitioning out of the firm after it finishes deploying its current fund. She’s stepping back for personal reasons.

On May 9, Alison Lange Engel announced she’s taking on the role of CEO at Ceros, an AI-powered design company. She left Greycroft in December, where she had been a partner since 2019. After 15 years, Vic Singh announced on May 1 that he is stepping down from Eniac Ventures. Singh helped launch the firm in 2009 and plans to start a new firm.

In March, Ethan Choi announced he’d be leaving Accel to join Khosla Ventures. He’ll focus on growth-stage investing and has backed companies like Klaviyo and 1Password. While many recent VC moves have involved people looking to start something new, not everyone is making that choice. On March 13, Chamath Palihapitiya’s Social Capital fired partners Jay Zaveri and Ravi Tanuku. This was reportedly due to issues with fundraising for AI startup Groq.

On March 5, Miles Grimshaw announced he’s returning to Thrive Capital as a general partner after three years at Benchmark Capital. He originally started at Thrive Capital in 2013 and has backed companies like Airtable and Monzo. Transitioning from operator to VC is common in the startup ecosystem, but it’s not for everyone. On March 4, Sam Blond announced he’s leaving Founders Fund after about 18 months. He plans to return to operating roles, having worked at companies like Brex and Zenefits.

Connie Chan announced her departure from Andreessen Horowitz on January 23 after 12 years. She served as one of the firm’s general partners for the last five years, backing companies like Cider and Whatnot. Keith Rabois announced on January 9 that he was leaving Founders Fund to return to Khosla Ventures. He was a general partner at Founders Fund for nearly five years and is going back to Khosla as a managing director.

TechCrunch is keeping an eye on these recent moves in venture capital and will continue to update this article as changes happen. If you have any tips or insights to share, please reach out at rebecca.szkutak@techcrunch.com.