(Updated after jump) Kevin Fong is out at Mayfield Fund, the venture capital shop that he ran alongside Yogan Dalal. No official reason yet given for the move, but I’m scheduled to speak with Mayfield within the hour.
Fong was at the center of an LP uprising several years ago at Mayfield, but one would assume that’s water long under the bridge (see here and here). He’s most recently been in charge of the firm’s push into China, and sits on the boards of such companies as 3PAR (NYSE Arca: PAR), Mendocino Software and Hammerhead Systems.
Update: I just spoke with Yogan Dalal, who confirmed Fong’s departure. Dalal said that Fong ands the firm had been discussing a break for some time, and that the official decision was made last week. Dalal does not know the specifics of Fong’s next move, but indicated that it would probably have something to do with China.
Fong will continue to represent Mayfield on several portfolio company boards, and also will continue to serve as a liason to Chinese affiliate GSR Ventures (where Fong is a managing director). The firm does not plan to make a partner-level replacement immediately, although will likely do so before beginning to raise its thirteenth fund later this year.
I also about speculation that Fong’s departure was partially caused by dissatisfaction with his leadership. Dalal danced around that one a bit, but said that the two sides remain on good terms, and that the primary issue was a difference of focus.
I’ve put in a call to Fong, and will update again if we connect…
Update II: Just spoke to Fong, who basically gave the Valley motto of “change is good.” It sounds like he’s mapped out his next move, but didn’t want to talk about it (or even confirm the existence of said map).