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Managing Partner David Lee Departs SV Angel (Memo)

A high-profile VC departs a high-profile firm.

Well-known investor David Lee has left high-profile venture firm SV Angel, according to a letter sent to its limited partners and companies.

I am honestly not sure what it means — VC machinations escape me. But, at one point in 2012, its founder Ron Conway said that he was stepping back from day-to-day and that that would be Lee’s purview.

“This is David’s fund,” Conway said onstage at TechCrunch Disrupt that year. “But I have a huge vested interest.”

SV Angel is an active investor across the tech sector, including in the on-demand economy. It has put money into Pinterest, Airbnb, Stripe and many others.

Lee is a former exec at StumbleUpon and Google.

Update: Lee confirmed the departure in a tweet just now:

https://twitter.com/davidlee/status/600825364126965760

I have contacted both Conway and Lee for comment.

And here is the letter for those who like to parse such things:

To SV Angel Limited Partners, Founders and Partners,

Effective today, David Lee will be resigning his role as Managing Partner of SV Angel. David has made a personal decision to spend more time with his wife, children, and extended family in Los Angeles.

Effective immediately, Ron and Topher Conway will serve as co-Managing Partners of all SV Angel funds.

SV Angel will continue to cultivate the best and the brightest founders in tech and add value to their companies as we have been doing for more than 20 years.

Our fund portfolios continue to remain very strong and we are optimistic about the companies in which we have invested and the prospective companies we are seeing daily.

SV Angel’s talented partners — Ron Conway, Topher Conway, Brian Pokorny, Kevin Carter, and Robert Pollak — remain committed to the continued success of the SV Angel funds and to supporting entrepreneurs.

SV Angel is the preeminent angel fund because entrepreneurs have always been and will always be family.

While we can all share in many historic successes and wish David well, the best is yet ahead.

This article originally appeared on Recode.net.

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