Jul 16, 2018

Scoop: Hosein Khajeh-Hosseiny leaves Northgate to form new firm

Dan Primack, author of Pro Rata

Hosein Khajeh-Hosseiny tells Axios that he has stepped down as CEO and managing general partner of San Francisco's Northgate Capital.

Why it matters: Northgate is a major player in the venture capital and private equity firms, managing nearly $5 billion of direct investment and fund-of-funds assets.

His plan is to form a new tech consulting and early-stage investment firm called Open X Innovations.:

"Open X will have two purposes. The first is to partner with incumbent, global firms that need to effectively transition into smart companies. The other is to help entrepreneurs who have distinctive technologies enabled by AI and machine learning to solve for complexity and simplify a lot of the decisions they need to make on the way to IPO."

Khajeh-Hosseiny declined to identify his Open X partners, except to say that he has some. Initial investments will come from personal money.

Northgate has not yet named a replacement. CFO/COO Mo Virani says it is "in process."

Go deeper

Updated 30 mins ago - Technology

Twitter: Trump's Minnesota tweet violated rules on violence

Twitter said Friday morning that a tweet from President Trump in which he threatened shooting in response to civil unrest in Minneapolis violated the company's rules. The company said it was leaving the tweet up in the public interest.

Why it matters: The move exacerbates tensions between Twitter and Trump over the company's authority to label or limit his speech and, conversely, the president's authority to dictate rules for a private company.

Updated 44 mins ago - Politics & Policy

Trump threatens to "assume control" of Minneapolis over unrest

Flames from a nearby fire illuminate protesters standing on a barricade in front of the Third Police Precinct in Minneapolis on Thursday. Photo: Kerem Yucel/AFP via Getty Images

President Trump threatened via Twitter early Friday to send the national guard to Minneapolis following three days of massive demonstrations and unrest in the city over George Floyd, a black man who died in police custody this week.

Details: "I can’t stand back & watch this happen to a great American City, Minneapolis. A total lack of leadership. Either the very weak Radical Left Mayor, Jacob Frey, get his act together and bring the City under control, or I will send in the National Guard & get the job done right," Trump tweeted after a police station was torched by some protesters.

Updated 2 hours ago - Politics & Policy

In photos: Protests over George Floyd's death grip Minneapolis

Protesters cheer as the Third Police Precinct burns behind them on in Minneapolis on Thursday night. Photo: Stephen Maturen/Getty Images

Cheering protesters set a Minneapolis police station on fire Thursday night in the third night of unrest following the death of George Floyd, a black man who died in police custody in the city, per AP.

The state of play: Minnesota's governor on Thursday activated the state's national guard following violent outbreaks throughout the week, as the nation waits to see if the officers involved will be charged with murder.