Sean Parker's 'new' role at Founders FundDecember 9, 2011: 10:10 AM ET
Founders Fund last week announced that it had closed its fourth venture capital fund with $625 million in capital commitments. What it didn't announce, however, was a slight change within its actual partnership.
Sean Parker, co-founder of Napster and Facebook's founding president, has transitioned from partner to "executive general partner." To replace Parker in the partnership, Founders Fund promoted principal Brian Singerman.
One limited partner I spoke with said his understanding was that Parker won't be actively making investments going forward, but would continue to manage out his existing portfolio.
Founders Fund partner Bruce Gibney, however, says that Parker "will continue to bring in deals to Founders Fund from time to time" and that the title change is largely cosmetic. Parker, Gibney says, has taken a significant operating role at a portfolio company in each of the past three Founders Fund vehicles (Causes for Fund I, Spotify for Fund II and Airtime for Fund III) and is expected to do so again for Fund IV.
Parker did not return requests for comment.
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