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Exclusive: Big changes at DAG Ventures

DAG Ventures is raising its sixth fund with a $300 million target, according to a regulatory filing. This is less than it sought last time around, likely because the partnership will be smaller.

Firm co-founder Tom Goodrich and longtime managing director John Cadeddu will not help manage the new fund, Fortune has learned. Each will work on the prior five funds and existing portfolio companies (retaining board seats, etc.). Not entirely clear what the departing partners plan to do, except that Cadeddu is seeking to launch a new investment platform in a non-VC asset class.

Goodrich’s active portfolio companies include Bloom Energy and Tabula, while Cadeddu’s include Cloudera and Nextdoor.

Limited partners in past DAG Ventures funds were informed of the transition plans last year.

I’m also hearing that DAG’s new fundraise is basically completed, even though the regulatory filing indicates that no securities have yet been sold. The remaining three partners are Young Chung, Nick Pianim and Greg Williams.

DAG is a Palo Alto, Calif.-based investment firm known for backing companies that already have raised money from top-tier VCs like Benchmark and Sequoia Capital.

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