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Ron Conway, one of the tech industry's most prominent and powerful startup investors who had early stakes in Facebook, Twitter, and Airbnb, said in a Medium post on Thursday that his early-stage investment firm, SV Angel, would not be raising a new fund.

Conway, considered the "Godfather of Silicon Valley," and his son Topher, who also manages the fund, said they would continue to use the SV Angel brand and cut checks — but in smaller amounts and as angel investors.

Image: By Joi Ito from Inbamura, Japan - Ron Conway, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=3277162