Bill Trenchard is planning to spend his summer making investments for First Round Capital, Fortune has learned. He will work out of the firm’s West Coast office for at least the next several months, after which he may remain with First Round or move onto another endeavor.

Trenchard most recently had been investing on behalf of Founder Collective, where he will remain listed as a founder partner. His deals have included IronPort (acquired by Cisco), PowerSet (acquired by Microsoft) and Xoopit (acquired by Yahoo).

Prior to becoming a full-time investor, Trenchard was a serial entrepreneur who co-founded and led such companies as LiveOps and Jump Networks. He also is a former managing director with Idealab.

Founder Collective has a longstanding relationship with First Round, and currently is in the midst of fundraising.

Update: Trenchard has sent over the following email:

Just to clarify, I have not left my position as a Founder Partner at Founder Collective.  I am continuing in the role at FC, while working in residence at First Round Capital this Summer. I have been closely involved with both funds since their inception and have collaborated with both funds actively over the past few years. I look forward to finding more opportunities to deepen the relationship between Founder Collective and First Round Capital through my current efforts.

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