Three Arch Partners, the Silicon Valley healthcare VC firm, has ousted co-founder Thomas Fogarty, the wine-lover who owns the Thomas Fogarty vineyard in Woodside.
Scoop comes from The Venture Capital Analyst, which unfortunately requires a subscription (we’re talking with them about eventually getting access to stories we refer to). Thomas Fogarty, one of the medical device industry’s earliest investors, said he was removed by other partners at the firm, which he co-founded 11 years ago. It “wasn’t my choice. I don’t know what to say other than that. I didn’t decide to do this, but it is what it is.” Three Arch Partner Mark Wan, who co-founded the firm with Fogarty and Wilfred Jaeger in 1993, confirmed the split but wouldn’t comment further
Fogarty, 70, said he had differences with the firm about the size of its latest fund, $450 million, thinking it was too large. Still, it seems Fogarty is still actively investing on his own. In May, Fogarty invested his own money as part of a $10 million first round for Redwood City, Calif.-based Spinal Kinetics, according to the Analyst.
UPDATE: Oops, our bad. We credited the scoop to Venture Capital Analyst, but we just noticed a piece dated yesterday from PE Week’s Dan Primack. (Thanks, Dan, for giving us a link to your musings. We’ll add it to our blog roll, even it’s not really a blog…yet?)
Dan suggests the Fogarty break might stem from the amount of time Fogarty devoted to the firm, given his outside endeavors. ï¿½I really did try working out the issues [with Three Arch],” Fogarty told Primack, “… but I guess that I committed some crime that couldn’t be taken back.ï¿½