Alta Communications is gearing up to raise a new fund, but will be doing so without partners Bob Emmert and Lane MacDonald. The pair is leaving over disagreements over firm strategy and fund size, although they’re both sticking around for another couple of months to manage the transition. Neither has solidified any post-Alta plans.I spoke yesterday with MacDonald and Phil Thompson, an Alta partner who’s sticking around. They claimed to still be on good terms, and sounded pretty convincing. The strategy differences sounded like Emmert and MacDonald wanted to do something a bit different, like perhaps get involved in larger-scale deals. But Alta is staying put in the lower-middle-markets, with plans to raise a new fund that actually may be a bit smaller than the $500 million one it raised back in 2002 (due to the decreased partnership size).
Alta has been informing limited partners and portfolio companies of the departures over the past two weeks.