{"id":19431,"date":"2023-06-07T11:18:17","date_gmt":"2023-06-07T15:18:17","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/sequoia-is-splitting-into-three-vc-firms\/"},"modified":"2023-06-07T11:18:18","modified_gmt":"2023-06-07T15:18:18","slug":"sequoia-is-splitting-into-three-vc-firms","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19431","title":{"rendered":"Sequoia Is Splitting Into Three VC Firms"},"content":{"rendered":"
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Venture capital\u2019s biggest global brand is breaking up, with Sequoia\u2019s China and India and Southeast Asia funds relaunching as new firms HongShan and Peak XV Partners.<\/h2>\n

By <\/sub>Alex Konrad<\/sub>, Forbes Staff<\/sub><\/h4>\n

T<\/abbr>he world\u2019s most storied<\/strong> global venture capital firm is breaking itself up. Sequoia, known for early investments in U.S. tech companies such as Airbnb, WhatsApp and Zoom in the U.S., as well as international heavyweights like ByteDance and GoTo via its China and India funds, is splitting into three fully distinct firms.<\/p>\n

Sequoia\u2019s global leadership confirmed the news in a letter to limited partners on Tuesday morning signed by the leaders of the three firms, Roelof Botha, Neil Shen and Shailendra Singh. The resulting firms \u2014 Sequoia Capital representing the U.S. and Europe, HongShan in China and Peak XV Partners in India and Southeast Asia \u2014 plan to complete the separation \u201cno later than\u201d March 2024.<\/p>\n

In separate interviews with Forbes<\/em>, the three investment heads said the decision to split up Sequoia\u2019s global brand was a gradual discussion that intensified over the last several months. They cited conflict between the funds\u2019 respective startup portfolios, brand confusion as they diverged in strategies and increasing complexity of maintaining centralized regulatory compliance as factors \u2014 while acknowledging, but attempting to downplay \u2014 a frostier geopolitical environment.<\/p>\n

\u201cThings seemed to be going in a direction where it gets harder, not easier,\u201d Botha said. \u201cThis isn\u2019t a retreat saying, \u2018white flag, we failed.\u2019 It\u2019s more of a victory in the sense that we have these fully independent businesses that can go even further.\u201d<\/p>\n

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F<\/abbr>ounded in 1972 as a $3 million fund,<\/strong> Sequoia became a fixture in Silicon Valley\u2019s tech hub for its early investments in companies such as Apple
\n AAPL
\n <\/fbs-ticker>, Cisco, Google and Nvidia in subsequent decades, with assets swelling into the tens of billions. In the mid-2000s, the firm expanded internationally, setting up funds under local investment partners in China and India. (It later wound down an Israel-based fund launched in 1999.) But the others \u2014 Sequoia China and what became Sequoia India and Southeast Asia \u2014 developed into regional powerhouses themselves.<\/p>\n

Whereas Sequoia\u2019s U.S. business (which has expanded to include Europe and Israel) could more recently claim standouts such as Airbnb, DoorDash, Snowflake, WhatsApp and Zoom, Sequoia China could boast of their own long list, including Alibaba and Meituan as well as TikTok parent ByteDance; the India and Southeast Asia funds could point to Byju\u2019s, GoTo and Zomato, among others. Across its funds, Sequoia regularly placed the most partners on Forbes<\/em>\u2019 Midas List, the annual ranking of the world\u2019s top venture capitalists, with 10 investors in 2023 led by Shen, who ranked no. 1 for the fourth time. A Sequoia investor has taken the top Midas slot in half of its 22-year history.<\/p>\n

But from the start, Sequoia considered its regional funds largely independent, with decentralized dealflow and portfolio decision-making. Partners from one geography would not review potential deals by another\u2019s; instead, the funds shared back-office functions including compliance, finance and investor relations, basic infrastructure and an online portal for limited partners. Investors in those different regional funds overlapped \u2014 and partners often invested personally in each other\u2019s funds. But the regions had already diverged in some respects, the partners said, with investor relations becoming more localized, and funds setting up their own software.<\/p>\n

Moving forward, the new firms will set up their own infrastructure, and partners will not invest in each other\u2019s funds. Any profit sharing (as well as back-office functions) between the regional funds will cease by December 31. Sequoia declined to comment on its previous profit arrangement.<\/p>\n

D<\/abbr>espite decades of venture dominance,<\/strong> recent headlines have been less kind to Sequoia\u2019s brand. Its U.S. and Europe unit has faced questions about an investment in Elon Musk\u2019s new Twitter and a high-profile flameout in crypto exchange FTX. And the U.S. fund\u2019s move in February 2022 to a different fundraising model via the Sequoia Capital Fund, which allocates capital from one massive and open-ended fund, and allows for longer equity holding periods, came just before a market correction. In a March concession, it allowed limited partners a one-time exemption to withdraw capital, the firm confirmed following a report by The Information<\/em>. (A source with knowledge said it did so to provide relief for those needing access to liquidity given the market\u2019s shift.) The fund held more than $13 billion in assets as of earlier this year, per a filing.<\/p>\n

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The China side of the business, meanwhile, has continued to grow even while the geopolitical relationship between countries in each region, particularly between the U.S. and China, has cooled. Sequoia China remains a large shareholder in ByteDance, holding a 10% position potentially worth tens of billions of dollars, as Forbes<\/em> reported in May. Sequoia\u2019s U.S. fund is also a ByteDance shareholder through growth funds it set up in past years to invest in emerging portfolio companies worldwide. ByteDance, of course, is the parent company of TikTok, which has faced numerous controversies and regulatory scrutiny from U.S. lawmakers in recent years. In 2020, former global leader Doug Leone from its U.S. and Europe fund lobbied the Trump administration on ByteDance\u2019s behalf; last year, that fund reportedly hired a Washington, D.C.-based consultancy for help.<\/p>\n

Shen remains a board director at ByteDance, and declined to comment specifically on that investment. But speaking generally, he rejected the notion that a separation of the funds would make it easier for China-based companies to go public, either in Hong Kong or elsewhere. \u201cThese are no longer young companies,\u201d he said. \u201cI don\u2019t want to overestimate our ability to help a company IPO simply because we have meaningful ownership.\u201d<\/p>\n

In their separate interviews, Botha, Shen and Singh all denied that geopolitical tensions were a specific catalyst for the move. Conflict between their broadening portfolios played more of a factor, they all said. Prominent companies in each portfolio have been in direct competition in the past, such as Stripe in the U.S. and Airwallex in China, which competes with a Sequoia India company. But they\u2019re increasingly likely as China-based and India-based businesses look to grow beyond their domestic market sooner, and the rise of remote work has blurred geographic lines. Botha told the story of a U.S.-based Sequoia portfolio company complaining recently that an Indian-based rival backed by Sequoia\u2019s team there was telling prospective customers it was the firm\u2019s big bet in the category.<\/p>\n

\u201cThat\u2019s awkward, right?\u201d Botha said. \u201cFrom a customer\u2019s point of view, you\u2019re trying to buy technology from the company you think Sequoia anointed, that has the weight of Sequoia behind it, but now there are two of them and it\u2019s confusing.\u201d<\/p>\n

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From his Singapore base, Singh noted that frustration could run both directions: he told the story of a prominent (but unnamed) U.S. tech company that complained to its Sequoia partner in the U.S. about a Sequoia India investment it believed would be competitive in the future. But Singh\u2019s team had written their check more than a year before, he said. Sequoia India has since cashed out, without the US. unicorn ever launching a rival tool. In the current boom of artificial intelligence companies, Singh imagined similar clashes. (Sequoia is an investor in OpenAI through its U.S. fund.) \u201cIf we got locked out of important companies in our region and couldn\u2019t invest in them because of founder conflict in AI, that would be pretty debilitating,\u201d Singh said.<\/p>\n

The funds were also growing apart in other ways. Despite a decade-plus of convening limited partners in one room to review new funds from all three geographies, Sequoia India and Southeast Asia and Sequoia China raised their most recent funds \u2014 a $2.85 billion fund and $9 billion respectively \u2014 independently. (Shen said that while some of that money came from U.S. institutions, it is mostly \u201cforeign money,\u201d with none coming from within China itself.) And while the U.S. business doubled down on early-stage investing with a $195 million seed fund announced in January, the China unit has more recently prioritized non-tech investments, including in infrastructure, as well as its hedge fund public equities practice.<\/p>\n

In<\/abbr>the U.S. and Europe,<\/strong> Sequoia \u2014 named after California\u2019s famous redwood trees by the late Don Valentine, who had said he wanted the firm\u2019s name to outlast his own \u2014 will remain Sequoia. So will remain two other independent businesses, Sequoia Heritage (an endowment-style family office) and Sequoia Capital Global Equities (a public\/private crossover firm). Sequoia India\u2019s new name, Peak XV Partners (pronounced as \u201cfifteen\u201d) comes from the original name for Mount Everest, Singh said. Sequoia China already went by \u7ea2\u6749 in Chinese, meaning redwood, and will now adopt the English transliteration of HongShan, according to Shen. \u201cMany Chinese entrepreneurs probably don\u2019t even know how to spell Sequoia,\u201d he said.<\/p>\n

Shen doesn\u2019t anticipate his investor base shifting much as HongShan. \u201cIf investors are not comfortable with China, they don\u2019t invest. I don\u2019t think choosing a new name is going to make a difference. But most investors are looking at a return perspective, a performance perspective,\u201d he said.<\/p>\n

Because Singh\u2019s funds were already registered in Mauritius, which he said restricts funds to fewer than 100 limited partners each, Peak XV\u2019s limited partner base was already only partially overlapping with the other Sequoia regions. That would continue, he added. \u201cWe love Sequoia, but our brand is our relationships, and we feel our own brand is strong,\u201d Singh said. \u201cIt will take us forward in a nice way.\u201d<\/p>\n

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And at the remaining Sequoia, Botha scoffed at any suggestion that the firm won\u2019t be moving forward from a position of strength (at least by its own historical standards). He\u2019s still confident in his fellow PayPal
\n PYPL
\n <\/fbs-ticker> mafia alumnus and South African countryman Musk, he said \u2014 \u201con Twitter, let\u2019s see what happens\u201d \u2014 and said that FTX, while \u201cunfortunate,\u201d was a small loss for a fund \u201cwith numerous other winners.\u201d And he said he had no regrets about Sequoia\u2019s fund model shift, even if it meant the firm continued to hold shares in companies long after they went public and saw their share prices later drop. \u201cCould we have distributed everything? Sure, hindsight is 20\/20. If you look at the performance of our funds and the companies we backed, it\u2019s very hard to argue we\u2019re in a position of weakness,\u201d he argued.<\/p>\n

Moving forward, Botha said he hoped the firms would consider each other cousins with a shared heritage, even if they will no longer have any special relationship. \u201cIt\u2019s been an enormous success, because we ourselves were entrepreneurial and helped give rise to four additional fabulous businesses that are now leaders in their own right,\u201d he said, referring to the businesses besides his own. And as for Sequoia Capital: \u201cI haven\u2019t been as excited about tech investing in the U.S. and Europe for a decade,\u201d Botha said. \u201cThis reminds me of the early days of the Internet.\u201d<\/p>\n

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<\/h4>\n

MORE FROM FORBES<\/strong><\/h4>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Venture capital\u2019s biggest global brand is breaking up, with Sequoia\u2019s China and India and Southeast Asia funds relaunching as new firms HongShan and Peak XV Partners. By Alex Konrad, Forbes Staff The world\u2019s most storied global venture capital firm is breaking itself up. Sequoia, known for early investments in U.S. tech companies such as Airbnb, […]<\/p>\n","protected":false},"author":1,"featured_media":19432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-19431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nSequoia Is Splitting Into Three VC Firms | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Venture capital\u2019s biggest global brand is breaking up, with Sequoia\u2019s China and India and Southeast Asia funds relaunching as new firms HongShan and Peak\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=19431\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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