Sequoia Capital China, the domestic arm of Silicon Valley venture capital major Sequoia Capital, has submitted filings for three new funds with the U.S. Securities and Exchange Commission (SEC) on August 27.
The filings were for three new vehicles, namely Sequoia Capital China Venture VIII Principals Fund, Sequoia Capital China Principals Seed Fund II, and Sequoia Capital China Growth VI Principals Fund. The sizes of the funds were not disclosed.
The filings come after The Wall Street Journal reported, in early July, that Sequoia Capital — which invests in China as well as the US, India, and Southeast Asia — closed a combined $7.2 billion for several funds.
The China team collected about $3.7 billion for three new funds including for seed-, early- and growth-stage deals, the media outlet had reported, citing sources familiar with the matter. The sources added that Sequoia Capital’s US-focused venture and growth funds raised $2.15 billion.
Its early- and growth-stage funds in India reportedly closed $1.35 billion, which was later confirmed in a LinkedIn post by Shailendra Singh, the head of the India and Southeast Asia investment team.
It is unclear if the three China-focused vehicles mentioned in the filings are the same three funds that had garnered about $3.7 billion. Sequoia China did not immediately respond to DealStreetAsia’s request for details.
Established in 1972, the Menlo Park, California-based investment firm is ranked as the world’s most successful in terms of investing in and nurturing unicorns. According to Hurun Global Unicorn Index 2020, released in August, Sequoia Capital has by far captured a total of 109 unicorns, which are private companies valued at $1 billion and more. That is an 18.5 per cent increase from 2019, when also Sequoia Capital topped the list.
Sequoia Capital is followed by China’s Tencent, SoftBank, Beijing-based IDG Capital, and Asia-focused private equity major Hillhouse Capital in the Hurun’s list.
Sequoia China, established in September 2005, is led by its founding and managing partner Neil Shen Nanpeng. The China team backed some of the country’s most high-profile companies, such as e-commerce giants JD.com, Alibaba, local services platform Meituan-Dianping, ride-sharing platform DiDi Chuxing, and internet security firm Qihoo 360.
First published in Deal Street Asia