- Index Ventures is executing a deliberate succession as longtime partner Mike Volpi stops making new investments while retaining board roles and younger partners take more leadership.
- The firm is reinforcing continuity with fresh capital ($2.3B raised in 2024, plus a $300M seed fund) and an expanded U.S. presence, especially in New York.
- Partner departures such as fintech investor Mark Goldberg leaving to start his own fund underscore a reshaping of the partnership even as Index aims to preserve stability.
- Key uncertainties remain around who ultimately leads strategy and LP relations, how carry and decision rights shift, and how LPs interpret the transition.
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The Bloomberg primary article “Index Ventures, Silicon Valley’s Quiet Kingmaker, Looks Ahead to Succession” highlights how Index Ventures—one of the most successful VCs—has begun more explicitly preparing for its next phase of leadership. Key among this has been the decision by longtime partner Mike Volpi to step back from making new investments, though he retains board seats and is described as having made the decision more than a year ago as part of retirement planning. This move marks a shift away from founder or early-partner dominance toward shared leadership by the next generation.
The firm has also seen departures among other significant partners: Mark Goldberg, focused on fintech and active for eight years, is leaving to start his own fund, in a move described as mutually agreed. Earlier, Rex Woodbury, formerly of Index, also left to form Daybreak Ventures. These departures both signal individual career evolution and contribute to a reshaping of the partner dynamic.
Simultaneously, Index is promoting younger and newer partners and expanding its geographic footprint—particularly in New York. An increased investment team there, growth of U.S leadership (e.g. Vlad Loktev joining), and its large fundraises ($800 million for venture-stage, $1.5 billion for growth + the $300 million Origin seed fund as of mid-2024) collectively give it both the capital and structural bandwidth to support leadership transition without disrupting performance.
Strategic implications include risk reduction for index’s LPs: when senior partners scale back, the continuity of investment decision-making becomes more distributed. It also allows Index to adapt to changing market and sector bets (e.g. AI acceleration) under leaders freshly embedded in the firm’s ethos. On the other hand, there is potential for internal tension over carry allocation, decision authority, and signal strength if some partners transition faster or more visibly than others.
Open questions persist: Who among the rising partner class will assume leadership roles beyond deal sourcing—such as strategy, LP relations, culture, or fund launches? How will Index manage carry share transitions among new vs legacy partners? What impact will Volpi’s partial exit have on deals in his specialization (AI, infrastructure)? Also, how will LPs interpret these changes—does stepping back equate to retirement or decline, or is it seen positively as intentional succession?
Supporting Notes
- Mike Volpi will retain board seats but will not invest out of Index’s next fund; he is stepping back as part of retirement planning.
- Mark Goldberg is leaving Index after eight years, mutually agreed, planning to start his own fund.
- Four investors left or scaled back responsibilities at Index in 2023; the firm also added seven new staff members, including one new partner, Vlad Loktev, a former Airbnb executive.
- Index raised $2.3 billion in new funds in mid-2024—comprised of $800 million for venture, $1.5 billion for growth—plus the $300 million Origin seed fund, bringing total capital since founding to ~$15 billion.
- The firm expanded in New York: opened an office in 2022, currently hiring additional investment staff there, planning to add 3-4 more members to the NY team.
- Younger partners such as Shardul Shah, Ilya Fushman, and Jan Hammer are being positioned visibly, taking on promotions and leadership roles; Volpi’s stepping back creates room for others to lead in his sectors like AI and infrastructure.