FORTUNE — Winston Fu has left U.S. Venture Partners, the Silicon Valley firm where he had been a general partner for the past 16 years. Also out are partner Chris Rust and venture partner Emily Melton (who had joined just this past January), while longtime general partner Paul Matteucci has transitioned into an “operating partner” role.
The changes are reflected on the USVP website, although not yet on any of the four’s LinkedIn accounts.
The website also reveals that four venture partners — Phil Schlein, Phil Young, David Liddle and Geoff Baehr — all are now listed as “senior advisors.”
This is just the latest set of top-level personnel moves at USVP since it raised $625 million for its tenth fund in 2008. Two years ago, partners Mamoon Hamid and Ted Maidenberg quit to form The Social+Capital Partnership, alongside former Facebook (FB) exec Chamath Palihapitiya. One year earlier, partner Tim Connors left to form PivotNorth Capital, while partner Casper de Clercq joined Norwest Venture Partners.
USVP is expected to return to the fundraising market shortly, and it would seem that the latest restructuring is an effort to curry favor with prospective investors by getting rid of partners who hadn’t generated much in the way of recent returns. Fu, for example, didn’t have an exit since 2010 (and was on the hook for USVP’s failed Solyndra investment). Still unclear is exactly how much money USVP plans to raise, or how it plans to allocate between IT and healthcare investing.
The Menlo Park, Calif.-based firm did not return a request for comment.
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