Steamboat Ventures, the independent venture capital firm launched in 2000 to invest in tech startups on behalf of The Walt Disney Co. (DIS), will make most of its future investments in Asia, Fortune has learned.

The refocusing has prompted two of Steamboat’s three Los Angeles-based partners — Dan Beldy and Beau Laskey — to leave the firm. Neither returned requests for comment, with Steamboat only saying: “Dan Beldy and Beau Laskey have decided to pursue other opportunities, and we wish them well.”

Beldy joined Steamboat in 2006 from Hummer Winblad Venture Partners, before which he had co-founded Technorati and worked at both Plainview Capital and Hummer Winblad Venture Partners. Laskey joined in 2006 from EDF Ventures, and is listed as a board member with GameSalad, GoPro, Kapow Software, Mobile Intelligence Solutions and Photobucket.

A third Los Angeles-based partner, Scott Hilleboe, will remain with Steamboat to manage legacy investments in North America.

Steamboat currently is in the process of raising between $200 million and $250 million for what it’s calling Steamboat Ventures V, which will focus almost entirely on Asia investments (it has seven staffers in its China office).

My understanding is that Steamboat already has secured a $75 million cornerstone commitment from Disney (and has begun investing it), but that it also is seeking outside limited partners. All of the firm’s prior funds had been raised exclusively from Disney – including a $200 million North America fund (Steamboat Ventures III) and a $175 million Asia fund (Steamboat Asia).

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