He joined First Round as a San Francisco-based principal in 2008, just before the firm raised its first institutional fund. Goldman then was promoted to partner in 2012, at the same time that First Round raised its fourth fund.

His deals have included Airware, Cabana (acquired by Twitter), Hotel Tonight, HotPotato (acquired by Facebook), Liftopia, MemSQL, MessageMe, Path, Storenvy and Threadflip.

Goldman declined to comment, but word is that he’ll be targeting $25 million for the new fund. I’m also hearing that he plans to call the new firm “Upside Partnership,” although that may still change. No bad blood with First Round, just the desire to do something more entrepreneurial and a bit earlier stage.

This also does not seem to be specifically timed to First Round’s next fundraise, which is expected to occur in the second half of 2014.

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