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Tuesday, August 15, 2023

McNabb Helps a 54-Year-Old VC

News summary by MFWire's editors

A former chief of the world's biggest mutual fund firm is officially helping out a familiar, 54-year-old venture capital firm that was created by the Rockefeller family.

Yesterday, the Venrock team revealed that Bill McNabb has joined the Palo Alto, California-based firm as an advisor. InvestmentNews picked up on the move.

In a statement, the Venrock folks laud McNabb as "a legend in the finance industry."

"The Venrock team has a long history of rolling up our sleeves to provide every advantage possible to our portfolio, including expanding our team with advisors who are leaders and innovators in their field and can accelerate a company's trajectory," the Venrock folks write.

Venrock is no stranger to McNabb, thanks to a pair of fintech startups called Altruist and Vanilla. McNabb's move to become a Venrock advisor comes two years after McNabb joined Venrock-led funding rounds in Vanilla and Altruist and joined the startups' boards.

McNabb previously spent more than 30 years at Vanguard, eventually taking over as CEO in 2008 and later became chairman, too. He stepped down as CEO at the end of 2017, then as chairman at the end of 2018. Since leaving Vanguard five years ago, McNabb joined the boards of UnitedHealth Group, Axiom, and IBM. He is an alumnus of the University of Pennsylvania's Wharton School and of Dartmouth College. 

Edited by: Neil Anderson, Managing Editor

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