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Exclusive: Greylock IL to break away from Greylock Partners

Greylock IL, the international affiliate of U.S. venture capital firm Greylock Partners, is planning to spin off and rebrand as an independent entity, Fortune has learned.

The group was formed in 2006 to lead and manage Greylock’s Israeli deals, and later expanded into Europe with an office in London. It also has done a couple of one-off transactions for U.S. companies, including Massachusetts-based Actifio (which recently joined the billion-dollar valuation club).

The group was formed in 2006 to lead and manage Greylock’s Israeli deals, and later expanded into Europe with an office in London. It also has done a couple of one-off U.S. deals, including Massachusetts-based Actifio (which recently joined the billion-dollar valuation club).

Greylock IL so far has raised $360 million for a pair of funds, and recognized exits for such portfolio companies as ScaleIO (acquired by EMC), Hybris (acquired by SAP) and Just East (London IPO). It plans to begin raising its third fund later this year at which point it will officially drop the ‘Greylock’ branding. No word yet on its new name, although it’s possible that additional details will be disclosed next week during Greylock’s annual LP meeting.

My understanding also is that Greylock Partners general partners traditionally have shared in Greylock IL economics, but that will not be the case going forward.

Greylock Partners and Greylock IL both declined comment.

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