SAN FRANCISCO, Nov 19 (Reuters) - Venture capitalist TimDraper is stepping back from his investment role at DraperFisher Jurvetson, the firm he founded in 1985.
Long considered venture-capital royalty, Draper is known forinvestments such as Internet phone service Skype, now part ofMicrosoft Corp, and Chinese Internet company Baidu Inc.
Some of the more recent investments include electriccarmaker Tesla Motors Inc, and initial public offeringcandidate and cloud-storage company Box.
Draper won't be an investment partner in the firm's nextfund, the firm said in a statement on Tuesday, following areport by Fortune Magazine that Draper was leaving. Serving asan investment partner is traditionally considered a venturecapitalist's most important role.
The firm didn't give a specific reason for the change, and aspokeswoman didn't respond to a request from Reuters forclarification.
Draper also didn't immediately respond to a telephonemessage and email seeking comment.
Draper will remain a managing director of existing funds,along with John Fisher, Jennifer Fonstad, Don Wood and HopeChen. Members of the firm's management committee are Josh Stein,Andreas Stavropoulos, Draper, Fisher, and Steve Jurvetson.
"Tim is actively building Draper University and continuinghis angel investments through Draper Associates, and continuesto be part of DFJ's management team to guide the firm'sdirection, manage his existing responsibilities, and work on newprojects that could potentially help DFJ in the future," thefirm said in the statement.
"Tim expects to be one of our largest limited partners andhas full confidence in the existing team."
Draper's family has a history in venture capitalism. Hisfather is William Draper, the founder of Sutter Hill Ventures.His grandfather is William Draper, the founder of Draper,Gaither and Anderson, one of the earliest Silicon Valley venturefirms.
His daughter, Jesse, runs an online interview show called"The Valley Girl Show," and a son, Adam, has founded a startupprogram called Boost. Draper himself runs a training program forstartups, Draper University.
- Venture Capital