Legendary tech investor Bill Gurley will reportedly not be involved in Benchmark's newest fund, ending a track record that lasted more than 20 years.

• Benchmark partner Bill Gurley, renowned for his early bets on Uber and Stitch Fix, will not be involved in the firm's latest fund, according to a new report.
• The Wall Street Journal's Yuliya Chernova and Rolfe Winkler reported that when Benchmark reached out to its limited partners to raise money for its tenth fund, the standout tech investor was not included among the general partners making new investments in the vehicle.
• This absence marks a significant change for Gurley, who has been actively involved in the firm's funds ever since he joined Benchmark in 1999.
• Benchmark and Bill Gurley did not immediately respond to Business Insider's requests for comment.
• Visit Business Insider's homepage for more stories.

Silicon Valley's legendary investor Bill Gurley may soon be taking a step back from his role as a general partner at Benchmark, according to a new report by the Wall Street Journal's Yuliya Chernova and Rolfe Winkler.

Benchmark is currently in the process of raising $425 million for its tenth venture fund, the report said. But when the venture capital firm reached out to its limited partners for investments, Gurley was notably absent from the list of four VCs who would be involved with the new vehicle. The Wall Street Journal didn't name the people who said Gurley's involvement with the VC firm was changing.

Although sources told the Wall Street Journal that the move does not necessarily signal an immediate departure from the firm, it is the first fund that Gurley has not taken an active role in, since joining the firm in 1999. Gurley would continue to take an active role in the companies that Benchmark previously backed, the report said.

Both Benchmark and Bill Gurley did not immediately respond to Business Insider's requests for comment.

As an investor with something of a Midas touch, Gurley has brought Benchmark billions in returns through bets on companies ranging from GrubHub to Stitch Fix. Gurley is especially famous for backing Uber in 2011 with $10 million, a stake which eventually brought in $8 billion for Benchmark, as Chernova and Winkler recounted.

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