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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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23-02-2024 03:58:52 (UTC+7)

EUR/USD

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EUR/USD

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GBP/USD

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USD/JPY

150.51

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AUD/USD

0.6557

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EUR/JPY

162.88

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0.9526

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Gold Futures

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Silver Futures

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US Coffee C Futures

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Euro Stoxx 50

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Adidas AG

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 EUR/USD1.0822↑ Buy
 GBP/USD1.2660↑ Buy
 USD/JPY150.51↑ Sell
 AUD/USD0.6557↑ Buy
 USD/CAD1.3484↑ Sell
 EUR/JPY162.88↑ Sell
 EUR/CHF0.9526↑ Sell
 Gold2,034.15↑ Buy
 Silver22.780Sell
 Copper3.8952↑ Buy
 Crude Oil WTI78.44↑ Sell
 Brent Oil83.52↑ Sell
 Natural Gas1.728Sell
 US Coffee C183.23↑ Buy
 Euro Stoxx 504,855.85Neutral
 S&P 5005,086.05↑ Buy
 DAX17,370.45Neutral
 FTSE 1007,684.49↑ Sell
 Hang Seng16,742.95↑ Buy
 Small Cap 20002,008.25Sell
 IBEX 3510,138.90↑ Sell
 BASF46.845↑ Buy
 Bayer28.91↑ Sell
 Allianz255.10Sell
 Adidas187.82Neutral
 Lufthansa7.503Sell
 Siemens AG172.10↑ Sell
 Deutsche Bank AG12.252Neutral
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# So hôm qua # Chênh TG
SJC Eximbank7,680/ 7,850
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Cập nhật lúc 18:50:20 22/02/2024
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