GRP Partners wrapping up new fund

Mar 12, 2013

Dan Primack was a senior editor at Fortune from 2010 to 2016. He was also the author of Term Sheet, Fortune's daily newsletter about deals and dealmakers.

FORTUNE -- GRP Partners, a Los Angeles-based venture capital firm focused on early-stage tech companies, today announced that it has added its first new partner in six years: Greg Bettinelli, former chief marketing officer of HauteLook (acquired by Norstrom in 2011 for $270 million).

But Fortune also has discovered a bunch of firm news that didn't make the Bettinelli press release:

1. GRP has effectively finished raising its fourth fund, which will come in at $175 million. All the soft circles are done, with GRP just awaiting paperwork on a couple of laggard LPs before making the official announcement. This is a hair smaller than the $200 million GRP raised for its third fund in 2007.

2. GRP plans to move its headquarters from Century City to Santa Monica – something akin to moving from Waltham to Kendall Square.

3. Mark Suster is now co-managing partner with firm co-founder Yves Sisteron. It's actually been that way for a while, but the formalization gave LPs some confidence that Suster (the firm's relatively young buck) wouldn't break off to launch a seed fund of his own.

4.Don’t expect Bettinelli to be the last new partner addition. Word is that at least one more could be named by year-end.

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