Football legend Steve Young is leaving Sorenson Capital, the Utah-based private equity firm he helped to found back in 2004. He will continue to maintain his managing director status with Sorenson’s $250 million first fund, but will not be part of a second fund that is currently being raised.
“He’s spinning off with a couple of other guys to do his own thing,” says Sorenson managing director Fraser Bullock. No additional details are yet available.
Young’s status with Sorenson has been the source of much confusion this week, and it’s my fault. In an earlier post on former NHL goalie Mike Richter, I mentioned that Young had joined former teamate Joe Montana as an ex-athelete who had tried private equity and since moved on (as opposed to stalwarts like Harris Barton, Ronnie Lott, John Hummer, etc.). I received dozens of emails in response — all saying that Young was still listed on the Sorenson website, and also a recounting of him recently attending an industry event representing Sorenson.
So, to reiterate: Young remains part of Sorenson’s first fund, but will not be part of the second one. Apologies for the confusion.