Founders Fund

Sean Parker formally leaves Founders Fund

March 6, 2014: 1:50 PM ET

Sean Parker will not make new investments for Founders Fund, but will maintain board seats like Spotify.

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FORTUNE -- Sean Parker is no longer making new investments on behalf of Founders Fund, a San Francisco-based venture capital firm that yesterday announced that it has raised $1 billion for its sixth fund.

Parker originally joined Founders Fund in 2006, after stepping down as president of Facebook (FB) -- a company that was originally seeded by Founders Fund partner and founder Peter Thiel.  He would step back from fulltime involvement when Founders Fund raised its $625 million fourth fund back in 2011, transitioning from a general partner role to what the firm referred to as an "executive general partner." Here is what we reported at the time

Founders Fund partner Bruce Gibney 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.

But Parker does not seem to have taken that major operating role with a Fund IV portfolio company, instead working to relaunch Airtime as OKHello. And now the "executive general partner" title is gone, as is the prospect of Parker leading new Founders Fund investments.

"He's been winding down his involvement over the last few years to focus on other projects, and as of the close of fund V he's no longer making any investments on behalf of the firm," says Founders Fund spokeswoman Erin Gleason. "He is maintaining his board seats in his active FF investments, including Spotify."

Parker did not yet respond to a request for comment.

  • Auren Hoffman has left Founders Fund

    Silicon Valley entrepreneur departs venture capital firm.

    FORTUNE -- Serial entrepreneur Auren Hoffman is no longer a venture partner with Founders Fund, according to his LinkedIn profile. He also is no longer listed on the Founders Fund website.

    Hoffman joined the venture capital firm in late 2011, with plans to continue serving as CEO of online personalization startup Rapleaf (whose investors included Founders Fund). He later would transition into a chairmanship role so that MORE

    - Feb 5, 2013 3:39 PM ET
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    Serial entrepreneur and angel investor Auren Hoffman has joined Founders Fund as a venture partner, according to a recent update on the firm's website.

    The position would appear to be part-time, as Hoffman remains listed as CEO of Rapleaf -- a San Francisco-based provider of online personalization solutions that counts Founders Fund among its venture capital investors.

    Hoffman also is a non-employee co-founder of both BrightRoll and ReTargeter, while he founded and sold MORE

    - Dec 19, 2011 7:08 PM ET
  • Sean Parker's 'new' role at Founders Fund

    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 MORE

    - Dec 9, 2011 10:10 AM ET
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