Sevin Rosen Fund General Partner Nick Sturiale is actively looking for a new job and has interviewed with at least one other Palo Alto, Calif.-based early stage venture firm, sources told PE Week.
Sturiale’s job search comes about six months after Sevin Rosen halted fund-raising for its 10th fund and proclaimed in a letter to the New York Times that the venture capital business no longer makes economic sense.
Neither Sturiale nor Sevin Rosen General Partner Steve Dow returned phone calls or emails requesting comment.
Sturiale’s job search may indicate Sevin Rosen has no intention of restarting the fund-raising for its 10th fund or that the firm will continue on in a limited capacity.
Sturiale, who is in his early 40s, is the youngest GP on the Sevin Rosen staff. He joined the firm in 2000 after leaving his role as founding CEO and director of Fremont, Calif.-based Timbre Technology, a developer of semiconductor design software, which was sold to Tokyo Electron Ltd. in 2001 for $138 million. Dow mentored Sturiale during his first two years as a senior associate.
Sturiale has had a unique focus, compared to his Sevin Rosen peers. He shunned the core networking and semiconductor investments his partners made in favor of enterprise software deals, such as IT search engine Splunk and email software program YouSendIt. He oversaw investments in digital security and continuity companies such as Solidcore, Teneros and Green Border Technologies.
Although many of the companies are still early in their development, Sturiale has recorded two exits during his tenure at Sevin Rosen. Both seem to have been companies he inherited as the Internet boom began to go bust.
Since Dow sent the firm’s letter to the New York Times in October, the Palo Alto, Calif., office of Sevin Rosen has not invested in any new companies. The firm’s Texas-based offices have backed three new companies during the same period.