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January 9, 2024
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Sequoia Capital Outperforms Expectations, Allocates $10B to Investors in 2023

TLDR: VC firm Sequoia Capital distributed $10 billion to its investors in 2023 despite facing significant paper markdowns. The firm recently completed its separation from its divisions in India and China. Sequoia has a long history of successful investments, but recent paper performance has been challenging. However, paper performance is less important in venture capital than actual cash distribution, and Sequoia has been successful in distributing capital to its investors.

Sequoia Capital, founded in 1972, is known for its successful early investments in companies like Apple, Cisco Systems, PayPal, and YouTube. The firm operates with extreme secrecy, closely guarding the details of its fund performance. However, recent reports have revealed that Sequoia distributed $10 billion to its investors in 2023, according to a source familiar with the matter. Over the past five years, the firm has distributed over $42 billion.

However, despite the significant distributions, Sequoia has also faced paper markdowns from its limited partners. For example, Utimco, which manages the endowments and operating funds of the University of Texas and Texas A&M systems, committed $200 million to the $13.6 billion Sequoia Capital Fund. However, the value of Utimco’s position in the fund plummeted to just $79 million.

Despite recent challenges, paper performance is not as important in venture capital as actual cash distribution. Sequoia has a history of successfully distributing capital to its investors, and the firm has distributed more capital in the last decade than it has called.

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