FORTUNE — Some big changes over at LLR Partners, the Philadelphia-based private equity firm that is putting the finishing touches on its fourth fund ($1 billion target for year-end final close).
Word came yesterday that partner Greg Case is leaving to launch his own shop with LLR operating partner Paul Winn. The new effort is called CaseWinn LLC, and will focus on enterprise software and tech-enabled solutions companies with annual revenue of between $10 million and $50 million.
Case says that he was interested in doing smaller/specialized deals outside of a large, sector-agnostic firm – and that he informed LLR of his intention back in the spring (even though he was listed on official LLR fundraising docs as recently as this past August). CaseWinn is planning to begin life as a fundless sponsor – it already has several backers on call – although it may raise a formal vehicle in the future.
Case joined LLR in 2008, after 16 years with Apax Partners. Winn has served as CEO of such software companies as Princeton Softech (acquired by IBM), Powerquest (acquired by Symantec) and Genicom (Chapter 11). The firm also plans to add at least one more senior investment exec.
Both Case and Winn will remain with LLR in operating partner roles (including the maintenance of board seats). LLR today also announced that it has hired Gus Hunt, former chief technology officer at the CIA, as an operating partner.
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