Venture capital veteran Michael Moritz is quitting as a Partner at Sequoia Capital after 38 years with the firm to focus on Sequoia Heritage, a $15 billion wealth management fund that he helped launch in 2010, according to a report by Reuters.

The report cites a letter sent to limited partners on Wednesday, and seen by Reuters, as confirming Moritz's departure. 

According to the letter, Sequoia Heritage, which focuses on a diversified range of assets, will now be independent from Sequoia Capital.

Moritz is known as a tech-focused investor having been an  early backer and long-running board member at both Google and PayPal.