After a three-year run under First Round Capital, StartUp PHL — the city initiative to directly invest in Philadelphia’s startup ecosystem — is shutting down its existing venture fund. City officials are now searching for a new fund manager as they work to establish the StartUp PHL Seed Fund II.

Though the University City-based venture capital firm will continue to oversee the investments of the first fund, First Round Capital says it will not be submitting a proposal for the RFP announced today.

“It’s a good opportunity for another firm to provide a fresh perspective,” First Round managing partner Josh Kopelman said in an exclusive interview with Technical.ly. “Change is good to continue to deploy capital.”

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