And Then There Were 3 At Bay Partners

UPDATED. Three of Bay Partners’ six partners all resigned on the same day last week, a knowledgeable source told Venture Capital Journal, peHUB’s sister publication.

Eric Chin, Salil Deshpande and Sandesh Patnam quit the firm, leaving behind firm co-founder and managing general partner Neal Dempsey, managing general partner Atul Kapadia and general partner Neil Sadaranganey, according to multiple sources.

Update: The source also said that the departures triggered a “key man” provision in Bay’s most recent fund, which means the firm’s limited partners will have the option to cease any new investments from the fund and essentially have the remaining GPs manage the existing investments.

Bay has removed the profiles of Chin, Deshpande and Patnam from its website. All three declined to comment or did not respond to requests for comment. Chin’s profile on LinkedIn says he founded Portola Venture Partners this year. The LinkedIn profiles for Deshpande and Patnam do not show new employer information.

Dempsey did not respond to an email request for comment.

Bay, founded in 1976, is investing out of its 11th fund, which it raised in 2005. That $285 million fund has backed at least 27 companies, according to Thomson Reuters.

Subscribers to VCJ can read the full story here.