Tim Draper to cut back role at Draper Fisher Jurvetson

SAN FRANCISCO Tue Nov 19, 2013 9:39pm EST

SAN FRANCISCO Nov 19 (Reuters) - Venture capitalist Tim Draper is stepping back from his investment role at Draper Fisher Jurvetson, the firm he founded in 1985.

Long considered venture-capital royalty, Draper is known for investments such as Internet phone service Skype, now part of Microsoft Corp, and Chinese Internet company Baidu Inc .

Some of the more recent investments include electric carmaker Tesla Motors Inc, and initial public offering candidate and cloud-storage company Box.

Draper won't be an investment partner in the firm's next fund, the firm said in a statement on Tuesday, following a report by Fortune Magazine that Draper was leaving. Serving as an investment partner is traditionally considered a venture capitalist's most important role.

The firm didn't give a specific reason for the change, and a spokeswoman didn't respond to a request from Reuters for clarification.

Draper also didn't immediately respond to a telephone message and email seeking comment.

Draper will remain a managing director of existing funds, along with John Fisher, Jennifer Fonstad, Don Wood and Hope Chen. Members of the firm's management committee are Josh Stein, Andreas Stavropoulos, Draper, Fisher, and Steve Jurvetson.

"Tim is actively building Draper University and continuing his angel investments through Draper Associates, and continues to be part of DFJ's management team to guide the firm's direction, manage his existing responsibilities, and work on new projects that could potentially help DFJ in the future," the firm said in the statement.

"Tim expects to be one of our largest limited partners and has full confidence in the existing team."

Draper's family has a history in venture capitalism. His father is William Draper, the founder of Sutter Hill Ventures. His grandfather is William Draper, the founder of Draper, Gaither and Anderson, one of the earliest Silicon Valley venture firms.

His daughter, Jesse, runs an online interview show called "The Valley Girl Show," and a son, Adam, has founded a startup program called Boost. Draper himself runs a training program for startups, Draper University.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video