Sean Parker formally leaves Founders Fund

Mar 06, 2014

FORTUNE -- Sean Parker is no longer making new investments on behalf of Founders Fund, a San Francisco-based venture capital firm that yesterday announced that it has raised $1 billion for its sixth fund.

Parker originally joined Founders Fund in 2006, after stepping down as president of Facebook (fb) -- a company that was originally seeded by Founders Fund partner and founder Peter Thiel.  He would step back from fulltime involvement when  Founders Fund raised its $625 million fourth fund back in 2011, transitioning from a general partner role to what the firm referred to as an " executive general partner." Here is what we reported at the time

Founders Fund partner Bruce Gibney says that Parker "will continue to bring in deals to Founders Fund from time to time" and that the title change is largely cosmetic. Parker, Gibney says, has taken a significant operating role at a portfolio company in each of the past three Founders Fund vehicles (Causes for Fund I, Spotify for Fund II and Airtime for Fund III) and is expected to do so again for Fund IV.

But Parker does not seem to have taken that major operating role with a Fund IV portfolio company, instead working to relaunch Airtime as OKHello. And now the "executive general partner" title is gone, as is the prospect of Parker leading new Founders Fund investments.

"He’s been winding down his involvement over the last few years to focus on other projects, and as of the close of fund V he’s no longer making any investments on behalf of the firm," says Founders Fund spokeswoman Erin Gleason. "He is maintaining his board seats in his active FF investments, including Spotify."

Parker did not yet respond to a request for comment.

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