Sequoia Capital, founded in Menlo Park in 1972 with $56 billion in assets under management, has raised around $7 billion for a new expansion fund focused on mature companies in the US 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 bigger fund shows how late-stage investing is changing.
This is Sequoia’s first big fundraising since its leadership changed last November. Alfred Lin and Pat Grady are now co-leaders, taking over from Roelof Botha. Lin, who joined in 2010, led early investments in companies like Airbnb and DoorDash. Grady has managed growth-stage investments since 2015, working with companies such as 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 that are considering going public in 2026.