Sequoia Capital has postponed the closing date of its $2.8-billion India and Southeast Asia (SEA) fund on the back of alleged financial irregularities and corporate governance misses at some of its portfolio firms, The Economic Times reported on Wednesday, citing people in the know.
“All LP subscription documents have been received. However, during the past weeks, shareholders in a company portfolio have received information about potential misconduct, requiring investigation. Given these events, we have decided to postpone the close date of the Funds. We will provide you with an update when our work is complete,” an email to Sequoia’s limited partners (LPs), or sponsors in the fund, said.