Term Sheet

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GRP Partners wrapping up new fund

March 12, 2013: 10:37 AM ET

CaptureLA venture firm adding capital and personnel.

FORTUNE -- GRP Partners, a Los Angeles-based venture capital firm focused on early-stage tech companies, today announced that it has added its first new partner in six years: Greg Bettinelli, former chief marketing officer of HauteLook (acquired by Norstrom in 2011 for $270 million).

But Fortune also has discovered a bunch of firm news that didn't make the Bettinelli press release:

1. GRP has effectively finished raising its fourth fund, which will come in at $175 million. All the soft circles are done, with GRP just awaiting paperwork on a couple of laggard LPs before making the official announcement. This is a hair smaller than the $200 million GRP raised for its third fund in 2007.

2. GRP plans to move its headquarters from Century City to Santa Monica – something akin to moving from Waltham to Kendall Square.

3. Mark Suster is now co-managing partner with firm co-founder Yves Sisteron. It's actually been that way for a while, but the formalization gave LPs some confidence that Suster (the firm's relatively young buck) wouldn't break off to launch a seed fund of his own.

4.Don't expect Bettinelli to be the last new partner addition. Word is that at least one more could be named by year-end.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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