GRP Partners wrapping up new fundMarch 12, 2013: 10:37 AM ET
LA 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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