Prominent venture capital firm Accel Partners, famed for its early investments in companies like Facebook and Dropbox, has raised capital for two new funds, totaling $1.475 billion. In the midst of this news, Partner Jim Breyer announced he will step away from his role to focus on his own fund.

With two new funds, Accel has set aside $475 million for early-stage startups and $1 billion for late-stage companies. Compared to Accel’s previous late-stage fund of $875 million, the new fund is 12 percent larger.

As for Breyer’s reduced role, many are questioning how well the firm will function without him. Breyer most famously led Accel’s early investment in Facebook, as well as in Etsy and Macromedia. While Breyer will retain the “Partner” title, he will shift focus to his family fund, Breyer Capital.

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