FORTUNE -- Jim Breyer of Accel Partners is one of the most successful venture capitalists of all time, thanks largely to his early bet in a small social networking company called Facebook (FB). Now he's switching things up a bit, cutting back his time at Accel in order to spend more time with Breyer Capital, a personal investment vehicle he first formed back in 2006.
Breyer will not be listed as a so-called "keyman" on Accel's twelfth flagship venture capital fund, which is said to be effectively raised. The same would go for Accel's third growth equity fund. Fortune had previously reported on the fundraising efforts in January.
[UPDATE: Accel will announce tomorrow morning that the funds are both closed. The early-stage fund came in at $475 million (same size as Accel XI), while the growth equity fund is $1 billion (compared to $875 million last time). The official fund closes occurred this past Monday.]
He still will be considered a partner on the funds, with the expectation that he will originate new investments (just recently, Breyer led Accel's investment in bitcoin startup Circle Financial). But Breyer will not be part of the new funds' top management group and, in theory, fund investors would have no recourse if Breyer ultimately chose to leave all together.
"My understanding is that Jim will sometimes be investing through Accel, sometimes through Breyer Capital and often through both at the same time," says one of Accel's limited partners. "I think he just wanted the extra flexibility, and didn't want to commit himself 100% to Accel for the next five years."
Since its formation, Breyer Capital has co-invested in Accel deals on which Breyer has joined the board (including Facebook), plus in non-Accel deals such as Marvel Entertainment, The Boston Celtics and social entrepreneurship efforts.
In addition to Facebook, Breyer's Accel deals have included Brightcove (BCOV), Model N (MODN), RealNetworks (RNWK), Etsy and Legendary Pictures. He also has served as a director with such companies as Dell Inc., Wal-Mart Stores (WMT) and News Corp. (NWS), and since last year has been part of Harvard University's governing board.
Breyer was listed atop the Forbes Midas List for top technology venture capitalists for 2011, 2012 and 2013.
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Early Facebook backer hits the market with pair of new funds.
FORTUNE -- Early Facebook (FB) investor Accel Partners is beginning to raise its twelfth venture capital fund focused on early-stage tech companies, Fortune has learned. Accel also will simultaneously raise its third growth equity fund, with both efforts expected to wrap up by the end of Q1.
Limited partners I spoke with have not yet seen formal targets, but believe the MOREDan Primack - Jan 21, 2014 11:19 AM ET
Publisher of sites like The Verge and SB Nation almost done with large new VC round.
FORTUNE -- Vox Media, the fast-growing publisher of content sites like The Verge (tech) and SB Nation (sports) disclosed today in a regulatory filing that it has secured $34 million of a new $40 million funding round.
Fortune has since learned that the Washington, D.C.-based company plans to close on the full $40 million shortly ("a timing issue," MOREDan Primack - Oct 15, 2013 11:22 AM ET
Clinkle raises $25 million from big-name backers, with plans to disrupt the mobile payment space.
FORTUNE -- Lucas Duplan demurs when I ask if his mobile payment startup, Clinkle, is intended to be a Square-killer.
"I don't view this as a zero-sum game, and am appreciative of all the people trying to innovate here, including Square," he says. "We're just looking to build the best possible product to delight our users... but MOREDan Primack - Jun 27, 2013 10:01 AM ET
Selling shares before the tax rates rise.
FORTUNE -- Accel Partners yesterday distributed approximately 50 million shares of Facebook (FB) stock, following the expiration of a 90-day lockup. We don't yet know how many of those shares made it to market, but we do know that many limited partners in venture capital funds are effectively required to liquidate upon receipt.
My first thought was to criticize Accel for such a massive distribution. MOREDan Primack - Aug 17, 2012 12:26 PM ET
Facebook is unlocked. So who held, and who sold?
FORTUNE -- Approximately 271 million shares of Facebook (FB) stock were "unlocked" yesterday, under a provision that had prevented certain investors from selling shares until 90 days after the company went public. And, as happens after most lockup expirations, Facebook took a tumble – down 6.27% to finish trading at $19.87 per share. For context, the IPO price on May 18 had MOREDan Primack - Aug 17, 2012 9:53 AM ET
Big data company raises big money.
FORTUNE -- Qualtrics Labs, a 10-year-old provider of enterprise SaaS for simplifying complex research, has raised $70 million in its first-ever round of outside funding.
Accel Partners and Sequoia Capital co-led the deal, with Ryan Sweeney (Accel)and Bryan Schreier (Sequoia) joining the Qualtrics board of directors. It was the two firms' largest-ever joint investment, and also probably their biggest deal for a Utah-based company (Qualtrics is MOREDan Primack - May 15, 2012 11:04 AM ET
Facebook IPO helps prove a VC rule
FORTUNE -- When Facebook goes public next week, it will mean a massive payday for Accel Partners -- the venture capital firm that originally backed Mark Zuckerberg in 2005 and remains the company's largest outside investor. It also could help support an argument that the most successful VC funds are small VC funds.
In a recent report on the sad stage of venture capital, the Ewing Marion MOREDan Primack - May 11, 2012 4:16 PM ET
Jeremiah Daly has left venture capital firm Accel Partners, Fortune has learned. No word yet on his future plans.
Daly joined Accel's London office in 2009 as a principal, and led the firm's investment in Russian online travel company Ostrokok. He also was a board observer at French online private sales club Showroomprive, Finnish online gaming company Supercell and a stealthy storage infrastructure company. He also has been involved with Atlassian, an MOREDan Primack - Feb 13, 2012 11:04 AM ET
David Eisenberg joins Accel Partners.
When venture capital firm Accel Partners opened a New York City office last January, it did so without any permanent New York City staff. Instead, the early plan was to use a rotating case of Accel investors from other offices -- including Jim Breyer and Theresia Gouw Ranzetta. A sort of professional flophouse, if you will.
But Accel now has a permanent rep in New York City: David Eisenberg, MOREDan Primack - Jan 26, 2012 10:33 AM ET
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