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Sequoia Capital cuts fees for new funds amid VC slowdown

By Krystal Hu (Reuters) - Sequoia Capital has lowered management fees in its two recently-launched venture funds as it braces for a slower investment environment, partner Alfred...
Sequoia Capital cuts fees for new funds amid VC slowdown © Reuters. Alfred Lin, a venture capitalist at Sequoia Capital, looks on during the TechCrunch Disrupt event in Brooklyn borough of New York, U.S., May 11, 2016. REUTERS/Brendan McDermid

By Krystal Hu

(Reuters) - Sequoia Capital has lowered management fees in its two recently-launched venture funds as it braces for a slower investment environment, partner Alfred Lin said on Thursday.

The changes in fee structure allow limited partners (LPs) who committed capital to Sequoia's crypto and ecosystem funds launched early last year to pay management fees based on capital deployed, rather than the common model of capital under management that applies to other Sequoia funds.

Sequoia launched a $950 million ecosystem fund to back scouts and funds formed by Sequoia alums, and a $600 million crypto fund to invest in crypto companies and tokens. So far, 10% of the crypto fund has been deployed, Lin said.

The moves marks an unusual concession by the world’s top venture investor after U.S. venture capital deals fell from their 2021 peak by 31%. Sequoia's longstanding relations with LPs has been tested by the nosedive in valuation in tech companies and the fallout in its portfolio company FTX.

Speaking at the StrictlyVC event on Thursday, Lin defended the firm's due diligence, said it had launched internal processes that concluded research and due diligence had been done on FTX.

"We were misled for a variety of situations," Lin said.

Reuters has reported that the U.S. Securities and Exchange Commission (SEC) has made inquiries into the due diligence processes of some investors in FTX.

Sequoia marked down its investment in FTX, including $150 million out of its Global Growth Fund I and $63.5 million into FTX and FTX US from its Sequoia Capital Global Equities Fund to zero. Lin said the firm remained committed to crypto investment.

"We will invest through a slower time but we will also continue to advance. We are a long-term optimist in crypto and in variety of other sectors," said Lin, who also led investment in Citadel Securities and Instacart.

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04-10-2023 07:00:03 (UTC+7)

EUR/USD

1.0468

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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EUR/USD

1.0468

+0.0003 (+0.03%)

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↑ Buy

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GBP/USD

1.2077

+0.0003 (+0.02%)

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Neutral

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Buy (1)

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USD/JPY

149.18

+0.16 (+0.11%)

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Buy (6)

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AUD/USD

0.6309

+0.0008 (+0.13%)

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USD/CAD

1.3710

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Buy

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EUR/JPY

156.16

+0.19 (+0.12%)

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EUR/CHF

0.9643

+0.0003 (+0.03%)

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Gold Futures

1,838.95

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Silver Futures

21.387

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Copper Futures

3.6160

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89.38

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Brent Oil Futures

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148.80

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Euro Stoxx 50

4,095.45

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S&P 500

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DAX

15,085.21

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FTSE 100

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Hang Seng

17,276.00

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US Small Cap 2000

1,724.80

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IBEX 35

9,165.50

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41.760

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Bayer AG NA

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160.72

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9.931

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 EUR/USD1.0468↑ Buy
 GBP/USD1.2077Neutral
 USD/JPY149.18↑ Buy
 AUD/USD0.6309↑ Buy
 USD/CAD1.3710Buy
 EUR/JPY156.16↑ Buy
 EUR/CHF0.9643↑ Buy
 Gold1,838.95↑ Buy
 Silver21.387↑ Buy
 Copper3.6160Sell
 Crude Oil WTI89.38↑ Sell
 Brent Oil91.10↑ Buy
 Natural Gas2.945↑ Buy
 US Coffee C148.80↑ Buy
 Euro Stoxx 504,095.45Neutral
 S&P 5004,229.45↑ Buy
 DAX15,085.21↑ Sell
 FTSE 1007,470.16↑ Sell
 Hang Seng17,276.00↑ Buy
 Small Cap 20001,724.80Neutral
 IBEX 359,165.50↑ Sell
 BASF41.760↑ Buy
 Bayer43.88Buy
 Allianz220.95↑ Buy
 Adidas160.72↑ Buy
 Lufthansa7.247Buy
 Siemens AG133.10Neutral
 Deutsche Bank AG9.931↑ Buy
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JPY158,19167,45
KRW15,5018,88
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