Kleiner Perkins closes ranks on early-stage investing -report

SAN FRANCISCO Fri Oct 11, 2013 1:02pm EDT

SAN FRANCISCO Oct 11 (Reuters) - Venture-capital firm Kleiner Perkins Caufield & Byers is reorganizing its partner ranks so that just five managing directors will lead its early-stage investments, according to a report in Fortune.

The five partners are John Doerr, Ted Schlein, Randy Komisar, Beth Seidenberg and Mike Abbott, according to the report. Abbott is the newest of the group, having joined Kleiner two years ago from Twitter, where he was vice president of engineering.

The move leaves out existing partners such as Bing Gordon, the former Electronic Arts executive who led the firm's investment in game company Zynga ; Chi-Hua Chien, responsible for much of the firm's consumer-technology investments; Matt Murphy, who manages the firm's mobile-oriented iFund; and cleantech-oriented partner Amol Deshpande.

Those partners could be taking on more responsibilities in growth equity, Fortune said.

Kleiner did not immediately return a call for comment.

Kleiner, while still a highly regarded venture firm, does not enjoy quite the same reputation it held a decade ago, when it was riding high on the back of investments such as Amazon and Google.

Last year, it closed its 15th fund, at $525 million, down from $650 million for its 14th fund.

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