Star venture capitalist Bill Gurley will not be a partner in Benchmark’s 10th fund, which the firm is currently marketing, according to the Wall Street Journal.
Gurley did not respond to requests for comment.
The Journal, citing sources, said Gurley will not immediately leave the early-stage investor. “Besides being part of the ninth fund, Mr. Gurley will continue to work with companies into which he led prior investments — and is expected to be a sounding board for new investments led by the firm’s other partners,” it reported.
Gurley, 53, joined Benchmark in 1999, just four years after the firm was founded. He currently sits on 11 boards and “plans to continue working with those companies and their founders — as well as his firm — “for many, many years into the future,” according to a source who spoke to Business Insider.
Gurley is ranked No. 7 on Forbes’ 2020 Midas List. He is best known for leading Benchmark’s investment in Uber, which is one of the most successful venture investments in history. Benchmark invested about $10 million in the ride-share company in 2011. When Uber went public in 2019, Benchmark’s stake was worth about $7 billion.
Gurley’s other big hits include investments in Glassdoor, which was acquired by Recruit Holdings for $1.2 billion in May 2018; Sailthru, bought by CM Group for an undisclosed amount in January 2019; and Stitch Fix, which went public in 2017.
Benchmark is currently talking to LPs about raising $425 million for its 10th fund, the Journal reported. That fund is expected to have only four investors, including Peter Fenton, the Journal said.
Benchmark’s $425 million ninth fund, raised in October 2018, had six partners, according to a regulatory filing: Gurley, Fenton, Chetan Puttagunta, Sarah Tavel, Eric Vishria and Steven Spurlock.