Taraval Associates was formed in 1989 to formalize the business George Murphy had conducted as a sole proprietor at various times since 1981; the firm was incorporated as Taraval Associates LLC (TALLC) in 1998.  TALLC serves as general partner of the Taraval Funds: Taraval Associates Seed Capital Fund (TASCF) and Taraval Associates Annex Fund (TAAF).  TALLC provides fund management services, including due diligence, transaction, execution and investment oversight.

Mr. Murphy was the general partner of a third California limited partnership, TransGen Partners, begun in 1995 and concluded in 2006 with the distribution of ABTX shares, by then publicly traded on the London Stock Exchange (AIM), and shares in the new A/F Protein, the privately held successor to the original A/F Protein.