In 1965 William Elfers left Georges Doriot's American Research and Development Corporation to found Greylock, his own venture capital firm. Over the ensuing three decades followed a series of eight Greylock partnerships, during which time Elfers never lost a general partner or saw a colleague leave to start his own venture capital firm. Furthermore, each of the investors in Greylock's first fund participated in all succeeding partnerships. Elfers was among the first to pioneer the limited partnership structure of the modern venture capital firm with Greylock being organized as a series of limited partnerships, each of which pooled the investment capital that its general partners and limited partners committed for finite lifetimes. Greylock was established against a long historical tradition of New England financial innovation going back to at least the nineteenth century. In essence Elfers helped to create a new organizational approach to venture capital through mechanisms that deeply reflected New England's financial investment culture.
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