Sean Parker has broken off from venture firm Founders Fund as he focuses his attention on other projects. The news comes just after the fund secured $1 billion for its fifth investment fund, according to TechCrunch.

Founders Fund issued a statement about Parker's departure: "Sean has been winding down his involvement with the fund over the last few years to focus on other projects. He remains a friend and advisor to several members of the team, but he's no longer investing on behalf of the firm as of the close of fund V."

According to San Francisco Business Times, Sean Parker will stop leading investments at the venture firm. In addition, his name no longer appears on the firm's website under the fund's team members, the report said.

Parker, who is Facebook's first president became part of Founders Fund in 2006. In recent years, his involvement in the fund had diminished as he focused his attention on a video chat startup called Airtime. The latter, however, has not yet taken off, San Francisco Business Times reported.