The Israeli firm is set to change its name amid loosening ties with Greylock Partners according to Dow Jones, which cited a person with extensive knowledge of both firms.
It added that Greylock IL was preparing to raise a fund “in the near future”.
Greylock IL has been busy in the past month, backing a trio of companies including financial services provider Ebury and patient-medical specialist connection business Grand Rounds.
The affiliate was founded in 2006 and has more than $360m under management.
Greylock, which was launched in 1965, has more than $2bn under management and looks to partner with tech entrepreneurs at their earliest stages of creation.
The firm, whose previous investments include LinkedIn, Facebook and Workday, raised a new $1bn fund in September last year.
Greylock XIV followed the firm’s thirteenth fund which raised a similar amount in 2011.
The firm said in a blog post that of the over 140 investments it made from its previous fund, 120 were seed or Series A and 10 were Series B.
Greylock also said it would be investing $100m in innovative marketplaces.
Copyright © 2014 AltAssets