Jeremy Liew, Bijan Sabet, and Roger Ehrenberg stepping back from active roles at their firms reflects a broader generational shift in the VC industry
many of whom announced this week. Really feels like a ‘changing of the guard moment’ for the venture community. Austen Allred / @austen : Is there an overarching reason why so many VCs are stepping down right now? Sheel Mohnot / @pitdesi : @Austen 1) the game changed in the past year 2) lots of recent exits > these guys have a lot more $$ than they need Dave McClure / @davemcclure : @Techmeme @ShenLucinda “broader generational shift in the VC industry” —> perhaps true, but more relevant 3 why's: 1) all 3 relatively young (50's) 2) all 3 made LOT $$$, can do WTF they pls 3) recent hi valuations / aggressive multiples may have also played a factor in timing of decisions Deena Shakir / @deenashakir : 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/... Eric Wiesen / @ewiesen : The decisions by a handful of super successful VCs to step back from investing and focus on other pursuits is wise and long viewed. Teddy Schleifer / @teddyschleifer : 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.” https://twitter.com/... Micah Baldwin / @micah : 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/... Dan Primack / @danprimack : First Jeremy Liew at Lightspeed, now Bijan. Methinks we're gonna see a lot more of this going forward. https://twitter.com/... @om : 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/...
FortuneLucinda Shen
Context & Ripple Effects
This week's triple departure has a clear lineage in the related coverage: Benchmark set the template when Matt Cohler and Mitch Lasky voluntarily stepped back while the firm raised its ninth fund in 2018, and a16z's Jeff Jordan repeated the move in 2023, keeping his board seats while dropping new investments. The Twitter discussion Fortune surfaced frames why now for Liew, Sabet, and Ehrenberg: recent exits and high valuations left all three wealthy enough to walk away in their fifties.
What makes the moment worth tracking is how the pattern inverts downstream. These three exited at the top of the market by choice; the later coverage shows the next waves were not voluntary — QED's Frank Rotman estimating most firms strategically challenged in the 2023 slowdown, OpenView gutting its staff after partner departures, and a 2024 wave of quits and push-outs at big firms.
First-order effects
Spark Capital, Lightspeed, and IA Ventures each lose a marquee dealmaker mid-run, accelerating their next generation of partners into lead roles on new investments before planned successions.
Liew, Sabet, and Ehrenberg move to portfolio-and-board-only postures, mirroring the Jeff Jordan exit path rather than leaving venture entirely.
Second-order effects
Limited partners now have three more data points on key-person risk, pushing successor-bench diligence toward a standard gate on re-ups for firms whose founding-era partners step back.
Carry and internal promotion economics shift inside each firm as rising partners absorb the departing names' allocation share without any change in fund size.
Third-order effects
The departures split into two regimes — wealth-driven exits at valuation peaks versus the forced attrition of the 2024 shakeout — implying the partnership model itself gets repriced by market conditions, with generational turnover only part of the explanation.
If voluntary exits cluster around liquidity events, firm brand increasingly decouples from individual partners, favoring institutions that can survive name-partner departures over those built on one or two reputations.
The trend: Venture's founder-era generalist partners are cycling out — voluntarily when valuations bankroll the exit, involuntarily once downturns force leaner funds.
realized I haven't written a blog post in 6 months, but felt compelled by recent movements to organize my thoughts briefly here: “An Unpredictable Reopening In Venture Capital” https://semilshah.com/...
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?
“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/...
Bijan helped make Spark Capital successful, by getting into deals like Twitter. Now, he's focusing on climate-related startups.... https://twitter.com/...
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/...
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/...
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:/…
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/...
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…
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/...
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.
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.
@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…
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/...
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…
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/...
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/...