Spark Capital, Lightspeed, and IA Ventures each lose an active general partner immediately, forcing each firm to redistribute deal responsibility and portfolio oversight among remaining partners.
Founders backed by these three — including Snap, where Liew was the first outside investor — face a transition in who champions their company inside the fund.
Second-order effects
Rival firms watching three simultaneous stepbacks will accelerate their own succession planning, promoting the next partner generation or recruiting externally rather than letting key-person risk accumulate.
LPs gain leverage: funds whose franchise rests on named partners must now demonstrate that returns survive the handoff, tightening diligence on team depth before new commitments.
Third-order effects
If the pattern holds, the VC industry splits into two exit modes — planned generational transitions like this one versus the forced attrition that hit firms such as OpenView, which laid off most staff and stopped new investments after partner departures — and QED's Frank Rotman's warning that up to 80% of firms were strategically challenged suggests many more transitions will be involuntary than voluntary.
The durable shift is toward firms structured around institutions and platforms rather than individual investor brands, since a fund that cannot survive a founding partner's stepdown cannot raise indefinitely on that partner's track record.
The trend: Venture capital is moving through a generational and structural transition in which founder-era partners step aside voluntarily in good times — and get pushed out involuntarily once capital tightens.
This fall is causing so many people I know to rethink their futures. As the world reopens, schools reopen, work slowly reopens. Some people are retiring, moving, radically changing this up. Some are recommitting. Are you going to re-sign or resign?
@joshmedia
Josh Felser on x
“Initially we will invest in seed and Series A rounds with a focus on supporting founders pursuing the challenge of climate change.” Woohoo! Climate Founders you are going to want to work with the OG that is Bijan. https://twitter.com/...
@scottkirsner
Scott Kirsner on x
Bijan helped make Spark Capital successful, by getting into deals like Twitter. Now, he's focusing on climate-related startups.... https://twitter.com/...
@austen
Austen Allred on x
Is there an overarching reason why so many VCs are stepping down right now?
@epaley
Eric Paley on x
One of the true greats of the VC business. Thanks for all you've done and taught us along the way @bijan! https://twitter.com/...
@jaykapoornyc
Jay Kapoor on x
Some pretty major Founding GPs are stepping back or ‘retiring’ from the VC funds they started — many of whom announced this week. Really feels like a ‘changing of the guard moment’ for the venture community.
@jjacobs22
Jason Jacobs on x
Bijan is someone who believed in me more than I believed in myself. He's also a great example of how you can be immensely successful while never not living your values on the way. And I can't help but be excited about what I see he's doing next! :) https://twitter.com/... https:/…
@jordancooper
Jordan Cooper on x
Bijan was one of the earliest models I looked at when learning venture and defining my place within this ecosystem. He reenforced an idea that you could be a nice/good person AND win...which was super helpful in a world of sharp elbowed killers. https://twitter.com/...
@pitdesi
Sheel Mohnot on x
@Austen 1) the game changed in the past year 2) lots of recent exits > these guys have a lot more $$ than they need
@ceonyc
Charlie O'Donnell on x
I find the 17 years part really triggering b/c I was at the General Motors pension fund and I remember getting the original Spark pitch deck back in 2004. Congrats on a fantastic run! https://twitter.com/...
@dhaber
David Haber on x
Congratulations! @bijan you're an incredible investor and an even better human. Forever grateful that you took a bet on me as a colleague as well as an entrepreneur. Wouldn't be here without you. A 📸-walk soon - for old times sake! https://twitter.com/...
@bznotes
Bilal Zuberi on x
Several VCs announced stepping back from investing in the last week or so. Others likely to do so in coming weeks/months. Others may not announce, but busy with family, angel/LP investing, non-profits, etc. Many leaving firms to start their own. VC world in major transition.
@kevinthau
Kevin Thau on x
No one has had a more significant impact on my career. I joined Twitter and Spark because of Bijan, but more importantly, he proves that you can be a good person and win. https://twitter.com/...
@bizcarson
Biz Carson on x
The Great Resignation in venture continues. Bijan Sabet is leaving Spark: https://bijansabet.com/...
@nabeel
Nabeel Hyatt on x
I would not be an investor if not for @bijan. He not only recruited me but also showed how to be a true partner to a founder. Thx for showing that being a good human & good investor is compatible. It'll take some adjusting to this next phase w/you but happy for your journey.🥂 htt…
@davemcclure
Dave McClure on x
@Techmeme @ShenLucinda “broader generational shift in the VC industry” —> perhaps true, but more relevant 3 why's: 1) all 3 relatively young (50's) 2) all 3 made LOT $$$, can do WTF they pls 3) recent hi valuations / aggressive multiples may have also played a factor in timing of…
@deenashakir
Deena Shakir on x
Excellent analysis by @FortuneMagazine's @ShenLucinda re: some industry changes afoot in venture. “But even as checks and wallets grow, so does the bone-deep exhaustion catalyzed by the surge in competition within venture capital for deals.” https://fortune.com/...
@ewiesen
Eric Wiesen on x
The decisions by a handful of super successful VCs to step back from investing and focus on other pursuits is wise and long viewed.
@teddyschleifer
Teddy Schleifer on x
Bijan, who was a player in Democratic fundraising during the Trump years, says: “I have been increasing my involvement in our nations politics and will continue to help the DNC where I can on the National Finance Committee and leaning into the DSCC's work for the mid terms.” http…
@micah
Micah Baldwin on x
I met Bijan in 2009, and have wished ever since that I did something we could have worked on together. Thoughtful and genuine, he has helped hundreds of founders over the years. Congrats on everything, my friend. Especially the things you have yet to do. https://twitter.com/...
@danprimack
Dan Primack on x
First Jeremy Liew at Lightspeed, now Bijan. Methinks we're gonna see a lot more of this going forward. https://twitter.com/...
@om
@om on x
What a run by one of the kindest, most generous & upstanding human beings! I have always learned from him, about the art and importance of entrepreneurship. https://twitter.com/...