Exclusive: Venky Ganesan leaving Globespan Capital
FORTUNE — Venture capitalist Venky Ganeson is leaving Globespan Capital Partners, after nearly 15 years with the bi-coastal firm. He hasn’t yet decided on his next move, except to say that he most likely will either form his own VC fund or join another firm that focuses on early-stage opportunities. Expect him to remain in Silicon Valley.
Ganesan originally joined Globespan – then the Boston outpost of JAFCO Ventures – as an associate back in June 1998. He soon left to co-found a JAFCO-incubated startup called Trigo Technologies, and then rejoined the firm after Trigo was sold to IBM. He later was promoted to managing director, and has done such deals as Palo Alto Networks, oDesk, Redfin, Amobee (acquired by SingTel), Jajah (acquired by Telefonica), Plaxo (acquired by Comcast) and Sendia (acquired by SalesForce.com).
He says that the decision to leave was not specifically related to Globespan’s recent fundraising difficulties, but rather that he’s about to turn 40 year-old and was looking for a new challenge. He plans to maintain some of his board seats going forward, while others will transition to other Globespan staffers.
“Venky has had a great career here, and I consider him both a friend and a colleague,” says Andy Goldfarb, Globespan’s co-founder and executive managing director. “This is done very amicably and cooperative, and he remains an active partner in our existing funds.”
Goldfarb said that there are no plans to hire a new staffer in Silicon Valley or relocate someone there. “We continue to be very active in Palo Alto, but are certainly focusing our activities around Boston.” He adds that the firm plans to begin trying to fundraise again in the next year or two, but right now that it’s focused on the existing portfolio and a small handful of new investments.
Globespan’s fifth fund, a $320 million vehicle raised in 2006, has a net IRR of over 15%.
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