First Round Capital’s Rob Hayes will step down from his role as a partner at the firm to become a board partner, according to a blog post.

Hayes said he would transition to the new role as the firm starts to invest out of its next fund, probably early next year. As a result he will no longer lead new investments. He expects to continue to support his present companies and be active as an angel investor.

Hayes joined the firm 12 years ago from Omidyar Networks and set up its San Francisco office, which has now grown to 20 people. He led investments for First Round in Uber and Square.

In his post he said for some reason VCs tend to be opaque about their changing roles at their firms.

Instead at First Round, “we agreed amongst our partnership that we would each self assess our excitement to step back up into each new fund as it was being raised and explicitly recommit to being all in on that fund,” he wrote.

Hayes said he may consider teaching at a university and becoming involved in the non-profit world.