Need some office space in Austin, Texas? Maybe TL Ventures will let you use some of theirs.
Earlier this month, the early-stage venture firm fired five of its Austin-based investors, following the voluntary departure of office founder Bob Fabbio. The unlucky quintret includes: Stanley Tims; a managing director; Robert Repass, a partner; Adam Green, a principal; Peter Norwood, a venture partner; and Stephen Yeich, also a venture partner.
Bob Keith, managing general partner with Wayne, Pa.-based TL Ventures, said the moves were not made because of poor performance or a specific desire to downsize. Instead, he said that the Austin team was built around Fabbio?s interest in seed-stage companies, whereas TL Ventures generally prefers companies with a bit more maturity. Once Fabbio left, there was no longer a strong desire among the remaining senior partnership to maintain the seed-stage practice.
The departures are not expected to affect relationships between TL Ventures and the limited partners who invested in its $675 million Fund V. Keith said that the only so-called ?key man? to leave the firm was Fabbio, and that the firm?s LPs were being kept apprised of the situation.
The Austin office will not close. Instead, it will now be manned by John Boyd, Guy Hoffman and Mark DeNino. DeNino is currently based in the Wayne, Pa. headquarters, but he will soon move down to Texas.
The departed investors will maintain their stakes in TL Fund V, while their portfolio company board seats will be filled by remaining TL staffers.
Dan Primack can be contacted at Daniel.Primack@tfn.com
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