{"id":38470,"date":"2023-07-21T00:11:39","date_gmt":"2023-07-21T04:11:39","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/sequoia-capital-partner-michael-moritz-to-exit-firm-after-38-years\/"},"modified":"2023-07-21T00:11:41","modified_gmt":"2023-07-21T04:11:41","slug":"sequoia-capital-partner-michael-moritz-to-exit-firm-after-38-years","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38470","title":{"rendered":"Sequoia Capital partner Michael Moritz to exit firm after 38 years"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Sir Michael Moritz,\u00a0Partner with Sequoia Capital\u00a0speaks during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS\/Brendan McDermid\/File Photo<\/span>
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By Krystal Hu<\/p>\n

(Reuters) -Michael Moritz, the storied venture capitalist who sits on the boards of Stripe and Instacart, is leaving Sequoia Capital after 38 years, according to a letter sent to limited partners on Wednesday and viewed by Reuters. <\/p>\n

Moritz, 68, will now focus on Sequoia Heritage, a $15 billion wealth management fund that he helped launch in 2010. The fund will be independent from Sequoia Capital, with focus on a diversified range of assets, according to the letter. <\/p>\n

A spokesperson for Sequoia Capital confirmed Moritz’s exit and declined to comment on details. <\/p>\n

Moritz, one of the most well-know investors in tech, was an early backer and long-running board member at tech companies including Google (NASDAQ:) and PayPal (NASDAQ:), and once led Sequoia to become one of the most high-profile venture capital firms. It now has more than $53 billion in assets under management in the United States and Europe.<\/p>\n

In 2012, Moritz stepped back from the management role at Sequoia, citing health reasons, and has remained a partner at the firm’s seed and growth teams.<\/p>\n

Sequoia Heritage is set to become independent as part of a broad organizational shift the firm announced last month, which will also split its Chinese and Indian\/Southeast Asian businesses into two independent firms.<\/p>\n

Sequoia Capital has been going through a generational transition as partner Roelof Botha took on the firm’s global leadership position in July 2022. <\/p>\n

Following Moritz’s exit, Sequoia will over time replace his board seat at high-profile unicorns including Stripe, Klarna and Instacart.<\/p>\n

In a statement, Klarna said Moritz will remain a board representative on Sequoia’s behalf and chairman of the board in the foreseeable future.<\/p>\n

Economic challenges and geopolitical tensions have made venture capital fundraising and investment difficult, and eaten into global venture funds’ returns. Venture capital funding globally dropped by 48% to $173.9 billion in the first six months of 2023, according to PitchBook data, despite huge interest in artificial intelligence startups sparked by the success of OpenAI’s ChatGPT.<\/p>\n

Another partner at Sequoia, Mike Vernal, is also in the process of exiting the firm after seven years at the Silicon Valley stalwart, according to a source familiar with the matter.<\/p>\n<\/div>\n

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

\u00a9 Reuters. FILE PHOTO: Sir Michael Moritz,\u00a0Partner with Sequoia Capital\u00a0speaks during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS\/Brendan McDermid\/File Photo By Krystal Hu (Reuters) -Michael Moritz, the storied venture capitalist who sits on the boards of Stripe and Instacart, is leaving Sequoia Capital after 38 years, according to […]<\/p>\n","protected":false},"author":1,"featured_media":19094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-38470","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nSequoia Capital partner Michael Moritz to exit firm after 38 years | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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