It has been discovered that three high-ranking investors have departed General Catalyst, a company that now refers to itself as an “investment and transformation company,” according to information obtained by TechCrunch.

Those who have left their positions as managing directors include Deep Nishar and Kyle Doherty, who co-led General Catalyst’s late-stage strategy, known as Endurance, as well as Adam Valkin, one of the three leaders of the firm’s early-stage fund, as confirmed by multiple individuals familiar with the situation at General Catalyst.

Nishar, Doherty, and Valkin did not respond to requests for comments, and General Catalyst also declined to provide any comments on the matter.

Although the reasons behind the departures are unclear, a General Catalyst limited partner has described several other changes within the company’s leadership structure.

Following the merger with European early-stage firm La Famiglia in October 2023, General Catalyst appointed Jeannette zu Fürstenberg, the founder of La Famiglia, as one of its top senior partners, as stated by the LP. Approximately six months later, General Catalyst acquired Indian VC firm Venture Highway, placing its founder, Neeraj Arora, among the top senior investors at the firm, according to the LP.

Individuals close to General Catalyst have also stated that the firm’s strategic expansion beyond venture has led to changes in the way investors are compensated, with General Catalyst shifting its compensation structure to favor cash bonuses over equity.

Deep Nishar, a former executive at LinkedIn, joined General Catalyst from SoftBank’s Vision Fund in 2021, where he led investments in companies like Slack and 10x Genomics.

Kyle Doherty joined General Catalyst in 2017, after spending five years as head of private investments at Coatue, and has made investments in companies such as digital banking startup Step and insurance company Ethos, and departed General Catalyst in July, according to his LinkedIn profile.

Meanwhile, Valkin began working at the firm in 2013 and serves on the boards of companies such as Rapyd, a fintech startup reportedly raising capital at a steep valuation drop of $3.5 billion, and Shift Technology, a fintech that last raised funding in 2021 at a valuation of over $1 billion, and also backed ClassPass, which was acquired by MindBody in 2021.

The departures have occurred at a time when General Catalyst, which manages $32 billion in assets, is transforming from a partnership-model firm into a company, adding non-venture strategies such as a wealth management business, and acquiring a hospital system in Ohio.

The firm has long been rumored to be considering becoming a public company, and in recent weeks, multiple people have told TechCrunch that it is getting closer to contemplating an initial public offering (IPO), with Axios reporting on Friday that General Catalyst is in the “very early stages of considering” a public offering.