Sequoia said to close fundraising for bulk of $8b global fund

Mike Moritz, chairman of Sequoia Capital LLC. Photo: Bloomberg

Sequoia Capital closed fundraising for the bulk of a new global investment vehicle, raising $6 billion and creating the largest U.S.-based venture capital fund.

The commitments came largely from new investors, according to people familiar with the matter. In coming months, Sequoia aims to close the round for the firm’s existing investors, bringing the fund’s total to $8 billion, one of the people said. The people asked not to be named discussing private information.

Sequoia Capital declined to comment.

Venture funds have ballooned in size recently as startups increasingly delay going public, leading investors to commit capital at later stages to support the company and maintain their equity stakes. Sequoia is an investor in Airbnb Inc., a decade-old startup valued at $31 billion, and payments company Stripe Inc., founded in 2010 and valued at more than $9 billion, according to PitchBook Data. Neither company has firm plans to IPO anytime soon.

Venture capital firms are also competing against sovereign wealth funds, mutual funds and hedge funds hunting for high-growth investments. SoftBank Group Corp.’s $100 billion Vision Fund has sunk billions into already well-capitalized startups, including Uber Technologies Inc. and announced Thursday a $2.25 billion investment in General Motor Co.’s autonomous-vehicle unit.

With more than four decades of experience, Sequoia made early investments in some of the world’s most successful technology companies, including Apple Inc. It’s also become a strong presence in China, backing companies like Alibaba Group Holdings Ltd., drone-giant DJI and ride-hailing company Didi Chuxing.

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Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.