FORTUNE -- Ed Anderson and Rich D'Amore will not be listed as general partners on the next fund raised by North Bridge Venture Partners, the VC firm they co-founded 20 years ago, Fortune has learned. Also stepping back will be Jeff McCarthy, who has been a partner with NBVP since 1998.
North Bridge Venture Partners was once considered a top-tier venture capital firm, thanks in large part to Anderson's successful telecom and networking deals (Arrowpoint, Sycamore, Starent, etc.). But its performance has stumbled a bit in recent years, and the bi-coastal firm already had begun to shed partners. There even had been rumors that some of the younger investors may try spinning out on their own, but that no longer seems to be in the cards.
Instead, a group of remaining partners has been on the road over the past couple of weeks, meeting with prospective investors for an eighth early-stage fund. The firm had raised $527 million for its seventh fund in the summer of 2008, but expect this vehicle to be significantly smaller. Team members are expected to include NBVP veterans like Paul Santinelli, Jamie Goldstein and Michael Skok, plus relative newcomers like Jonathan Heiliger (ex-VP of tech ops at Facebook, who joined in 2012) and Ric Fulop (founder of A123Systems, who joined in 2010). Anderson, D'Amore and McCarthy all would serve as advisors to the fund.
Recent NBVP transactions have included participation in rounds for Lytro, Sharethrough and Confer Technologies.
Both Anderson and D'Amore will continue to be partners on North Bridge's second growth equity fund, which closed on $580 million last fall. Late last year, early-stage partner Jim Moran formally moved over to the growth equity side.
Sign up for Dan Primack's daily email newsletter on deals and deal-makers: GetTermSheet.com
North Bridge Growth Equity seems to be down a partner, even if it won't talk about it.
FORTUNE -- On Monday morning, I received a tip that Matt Blodgett had left North Bridge Growth Equity. My immediate reaction was "that can't be true." After all, the guy had been promoted to general partner just last August, two months before the firm closed on a new $580 million fund. Moreover, he led MOREDan Primack - Jan 29, 2014 2:15 PM ET
Changes at North Bridge Venture Partners, as firm contemplates next early-stage fund.
FORTUNE -- Bill Geary and Basil Horangic are no longer partners with North Bridge Venture Partners, Fortune has learned.
The moves come as North Bridge gets ready to begin marketing its eighth early-stage fund, which follows a $529 million seventh vehicle closed in the summer of 2008. Word is that the firm had been planning to target $500 million this time around, MOREDan Primack - Oct 24, 2013 11:55 AM ET
Longtime VC investor bails just one month before battery maker's bankruptcy filing.
FORTUNE -- As battery-maker A123 Systems (AONE) was hurtling toward bankruptcy, one of its longtime investors was furiously dumping shares. Or, more specifically, a longtime investor with a representative on the A123 board of directors.
North Bridge Venture Partners first backed A123 in either late 2001 or early 2002, with partner Jeff McCarthy joining the company's board of directors. It would MOREDan Primack - Oct 17, 2012 2:06 PM ET
|Five predictions for the World Wide Web that were way, way, way off|
|Why casino workers hate Obamacare|
|Social Security is the best deal|
|The Deep Web you don't know about|
|House panel to investigate GM response to problem linked to 13 deaths|