Capricorn Investment

Exclusive: Jeff Skoll loses his investment manager

April 2, 2013: 12:41 PM ET

stephen_georgeStephen George leaves Capricorn to form an alternative investment firm.

FORTUNE -- Stephen George has quietly stepped down as chief investment officer of Capricorn Investment Group, a wealth management firm whose clients include Al Gore and billionaire eBay Inc. (EBAY) alum Jeff Skoll. He now is in the process of forming his own investment firm in Omaha, which will raise private funds to invest in technology companies, real estate and private debt.

George and Skoll co-founded Capricorn in 2001, with a diversified investment strategy that incorporated ethical, social and environmental factors. As of its most recent regulatory filing, the San Francisco-based firm had more than $4 billion in assets under management. Previously, George c0-founded and ran business software company Epylon (acquired by Accenture), and also served as a vice president with both Goldman Sachs (GS) and Merrill Lynch.

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George's new firm is called Panorama Point Partners, named after Nebraska's highest natural point. It currently plans to raise at least three different private funds, with minimum capital contributions of $5 million. The general structure seems vanilla alternatives, with annual management fees and carried interest. Investments may be direct, or also may be via third parties (i.e., fund-of-funds commitments and/or co-investments).

His partner is Clarence "Clarey" Castner, the longtime University of Nebraska CEO who stepped down in early 2012 to join Capricorn.

No word yet on fund capitalization targets, and George declined to comment due to SEC solicitation restrictions.

George will retain a minority ownership stake in Capricorn, and remain an advisor to the firm. Capricorn did not return a request for comment on George's successor as chief investment officer.

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