{"id":5440,"date":"2023-06-07T10:35:27","date_gmt":"2023-06-07T14:35:27","guid":{"rendered":"http:\/\/leadingcryptonews.com\/sequoia-capital-announces-three-way-split-to-separate-china-business\/"},"modified":"2023-06-07T10:35:27","modified_gmt":"2023-06-07T14:35:27","slug":"sequoia-capital-announces-three-way-split-to-separate-china-business","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/sequoia-capital-announces-three-way-split-to-separate-china-business\/","title":{"rendered":"Sequoia Capital announces three-way split to separate China business"},"content":{"rendered":"<p> <br \/>\n<br \/><noscript><img decoding=\"async\" class=\"lazyload\" src=\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/0756a794-e787-405c-a060-94effd5f1fa3.jpg\" \/><\/noscript><\/p>\n<div data-v-2dafa29c=\"\">\n<p>Venture capital firm Sequoia Capital\u00a0announced an impending split that will see the company break into three distinct partnerships serving the United States, China, and Asian markets separately.\u00a0<\/p>\n<p>The move, announced on June 6, is intended to decentralize back-office functions for the company. Citing increased global financial complexity and growing brand confusion, per a post on Twitter, Sequoia said it intends to embrace its \u201clocal-first approach.\u201d <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Here is the global business update we shared with our LPs. pic.twitter.com\/lGHIw1tVE5<\/p>\n<p>\u2014 Sequoia Capital (@sequoia) June 6, 2023<\/p><\/blockquote>\n<p>The change will see the U.S. branch remain focused on North America-based endeavors, while a second branch will serve China, and the third will handle India and other Asian markets. <\/p>\n<p>Sequoia, one of the world\u2019s largest venture capital firms by assets under management and total capitalization, came to prominence in the 1970s. Its first major investment after its formation was made in Atari in 1975, just a few years before the firm became one of Apple\u2019s initial investors in 1978. <\/p>\n<p>Over the years, Sequoia has had an apparent knack for finding tech darlings to invest in. Its portfolio includes early investments in Google, Cisco, Nvidia, YouTube, Airbnb, WhatsApp, Stripe and BitClout.<\/p>\n<p>The firm also invested $213.5 million in FTX 2021, a year in which FTX posted $1 billion in revenue. FTX would go on to collapse in November 2022, causing a peak realized loss of $9 billion for the week starting Nov. 7. <\/p>\n<p><strong>Related: <\/strong><strong>Sequoia Capital marks down entire $214M FTX stake to zero<\/strong><\/p>\n<p>Despite the collapse, a U.S. Securities and Exchange Commission report published on Feb. 3 indicates Sequoia holds a $13.6 billion primary fund. Per TechCrunch, the company also manages a portfolio for its clients worth around $85 billion. <\/p>\n<p>The Sequoia split comes at a tumultuous time for relations between the U.S. and China. Tensions rose between the two nations on June 3 after the U.S. military released footage of a Chinese destroyer buzzing a U.S. warship (the maritime equivalent of cutting someone off in traffic). <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Yesterday, we shot exclusive footage from HMCS Montreal, of a Chinese warship cutting off USS Chung-Hoon, coming within 150 yards of hitting the destroyer, a move the Commander of the Montreal called &#8220;intentional&#8221; & &#8220;unprofessional&#8221;<\/p>\n<p>Here's my story on the near collison #cdnpoli pic.twitter.com\/PaPLSwVNkp<\/p>\n<p>\u2014 Mackenzie Gray (@Gray_Mackenzie) June 4, 2023<\/p><\/blockquote>\n<p>U.S.-Chinese relations have recently been described as chilly after a series of other close calls in 2023 have had both nations on edge. A May incident involving what U.S. military officials deem a dangerous fly-by from a Chinese fighter jet forced a U.S. recon plane to take evasive maneuvers, and a February incident saw a Chinese surveillance balloon \u2014 a weather balloon, according to Chinese authorities \u2014\u00a0floating over U.S. airspace in Montana. <\/p>\n<p>Going forward, Sequoia\u2019s U.S. and European arms will continue to operate under the Sequoia banner, while its India and Southeast Asia arm will rebrand to \u201cPeak XV Partners.\u201d The firm\u2019s China branch will retain its Chinese-language name and will be called \u201cHongShan\u201d in English. <\/p>\n<p>According to the firm, the changes will be complete no later than March 31, 2024.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/sequoia-capital-announces-three-way-split-to-separate-china-business\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Venture capital firm Sequoia Capital\u00a0announced an impending split that will see the company break into three distinct partnerships serving the United States, China, and Asian markets separately.\u00a0 The move, announced on June 6, is intended to decentralize back-office functions for the company. Citing increased global financial complexity and growing brand confusion, per a post on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sequoia Capital announces three-way split to separate China business - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/sequoia-capital-announces-three-way-split-to-separate-china-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sequoia Capital announces three-way split to separate China business\" \/>\n<meta property=\"og:description\" content=\"Venture capital firm Sequoia Capital\u00a0announced an impending split that will see the company break into three distinct partnerships serving the United States, China, and Asian markets separately.\u00a0 The move, announced on June 6, is intended to decentralize back-office functions for the company. 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