Butcher sells its interest in Keystone Venture firm. (Butcher & Co.; Keystone Venture Capital Management Co.)

Butcher sells its interest in Keystone Venture firm

The partners of Keystone Venture Capital Management Co. Inc. are now their own bosses.

G. Kenneth Macrae, Keystone's president, and two other partners bought out the interests of Butcher & Co., the Philadelphia investment banking firm that had been Keystone's managing general partner and a limited partner. Terms were not disclosed.

Butcher & Co. had primarily been a passive partner and had never been involved in making venture capital investments, Macrae said.

That wound up being something of a liability when Keystone tried to raise money for a new venture fund. "It's now more difficult to …