One of the co-founders of local VC firm American River Ventures is stepping back. ARV is currently raising another fund, but The Sac Bee’s Bob Shallit says that Corely Phillips has other plans.

Raising a new fund takes a long term commitment, often taking a decade or more to raise the money, make the investments, and wait for those companies to grow their businesses to a successful return for the investors. Phillips says he doesn’t want to commit that much time and plans to spend more time with family and friends.

American River Ventures was founded in 2001 with a $100 million fund focused on early-stage technology companies. Included in their investments are local firms Agoura Technologies, KeyEye Communications, and SynapSense.

Before founding ARV, Phillips was an active angel investor. He managed two startup technology companies through successful mergers as CEO of Manzanita Software Systems and founder of Grafpoint. Phillips sits on the boards of ARV portfolio companies SynapSense, OpenClovis and Senforce Technologies.