Sequoia Capital became one of the most successful venture capital firms in Silicon Valley with early bets on Apple, Google and WhatsApp. Now it is borrowing a playbook from Wall Street to grow even bigger.
Last week Sequoia said it would rip up the formula used by venture capital firms for decades, in which investors park their money in funds, typically for about 10 years, before being paid out.
Instead, Sequoia will create a “permanent structure” to house investor capital, which will then channel money into its sub-funds.
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