(Bloomberg) -- Tribe Capital’s Arjun Sethi has relinquished the role of chief executive officer to Boris Revsin, and assumed the role of chairman and chief investment officer.

Sethi made the change in order to focus on investments and products, he said in a memo to investors seen by Bloomberg News. 

“The rationale behind this strategic shift is simple,” Sethi wrote. “We’ve successfully built Tribe into a top-quartile firm based on effective investment leadership — and as we grow and evolve, we need more of that.” 

Tribe, a venture capital firm founded in 2018, manages more than $1.6 billion and has backed startups including Carta, Relativity Space, Airtable, MoonPay and Kraken, its website shows. 

Revsin, an alum of Republic Capital, joined Tribe in 2022 and was given the task of overhauling the firm’s crypto team, Sethi wrote in the memo.

“In venture, it’s common for the most substantial investors to drive returns and set the tone and vision for firms in their early days. As the firms scale, these investors transition into administrative and management roles — and that doesn’t always result in optimal performance outcomes. That’s what we’re trying to protect against,” Sethi said in the memo. “I am confident that with the right management team leading the way, Tribe has the potential to grow fiftyfold.” 

A Tribe spokeswoman declined to comment.

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