Sequoia Capital, founded in Menlo Park in 1972 with $56 billion in assets under management, has raised approximately 7 billion dollars for a new expansion fund focused on mature businesses in the United States and Europe, Bloomberg reports.
This new fund is almost twice as large as Sequoia’s previous similar fund, which was $3.4 billion in 2022. The largest fund shows how late-stage investing is evolving.
This is Sequoia’s first major fundraising since the leadership change last November. Alfred Lin And Pat Grady are now co-leaders, succeeding Roelof Botha. Lin, who joined the company in 2010, led early investments in companies like Airbnb and DoorDash. Grady has managed growth-stage investments since 2015, working with companies including ServiceNow, OpenAI and Harvey. Botha is still with Sequoia as an advisor.
With the new fund, Sequoia can make larger investments in its current portfolio companies and compete at the level required in today’s AI market. The fund allows Sequoia to increase its stakes in large companies, including AI startups such as OpenAI And Anthropic which plan to go public in 2026.