Google is planning a new late-stage investment fund, potentially separate from Google Ventures, its existing venture capital division, Reuters reported Friday. The report states that the new fund will be led by David Lawee, who a Google spokeswoman confirmed will be stepping down from his current position as VP of corporate development to work elsewhere in Google.
The Google spokeswoman also confirmed that Don Harrison, a lawyer at Google, will take the lead for Google’s corporate development beginning in 2013. She declined to comment on whether Lawee would be heading up the late-stage venture fund, or on plans for such a fund.
Google Ventures just expanded its fund to $300 million annually, up from $200 million, and it was established as a venture capital division in 2009. When Google Ventures recently announced the expanded fund, managing partner Bill Maris noted that Google co-founder Larry Page asked him what he would do with $1 billion, but that Google Ventures wasn’t ready to scale to that size yet.