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Harry Turner Leaves Stanford for Legacy

After over 20 years with Stanford University – the past 10 as founder and managing director of the Stanford Management Co. – Harry Turner has decided the time is right to move on. The Stanford alum was lauded throughout the investment community as an astute limited partner who helped the endowment vehicle get in early with superstar private equity firms like Kleiner, Perkins, Caufield & Byers, TA Associates, Voyager Capital, New Enterprise Associates, Menlo Ventures, Mohr Davidow, Sierra Ventures, IVP and Greylock.

“I decided to leave Stanford because I have really completed my objectives there,” Turner said. “I had helped establish a gold standard there and helped to build a disciplined organization that would be able to succeed me.”

Longtime co-worker Georgeanne Perkins has taken Turner’s place with Stanford Management.

Hold Onto That Rolodex

She is not, however, in charge of planning any retirement parties for her former boss. Indeed, Turner has moved on to a new philanthropic outfit named Legacy Venture Capital. The $40 million firm will operate as a fund-of-funds whose limited partners will each donate the proceeds to the respective charity of their choice.

So far, Turner reports that the firm is invested in ten “leading” partnerships, although he declined to specify which ones. He did, however, confirm that some Legacy investments mirrored some of Turner’s earlier Stanford plays.

As for whether or not Turner’s departure will adversely affect Stanford’s relationship with its funds, the smart money is that it won’t.

“We think the world of Harry and wish him well… but his departure will not change our relationship with Stanford at all,” said DuBose Montgomery, managing director with Menlo Ventures. “Georgeanne Perkins has done a wonderful job.”