Sequoia Capital, one of the world’s top venture capital firms, marked up the value of its 2020 Sequoia Capital US Venture VII fund by 24.6% in June, according to Pitchbook.
Per PitchBook’s analysis of data from the Regents of the University of California’s endowment, the fund, opened in 2020 and closed two years later at $808 million, has been marked up almost 30% in the last two years.
In addition to its 2020 US flagship fund, Sequoia marked up six of its US and global venture funds by 11.3% on average between June 2023 and 2024.
Of these, four are India-focused funds—Sequoia India Seed II, whose valuation is up 14.95% in the year ended June 30; Sequoia India VI (+12.23%); Sequoia India Seed Fund I (+10.62%); and Sequoia India Growth III (+6.84%).
In a major restructuring drive in June last year, Sequoia spun off its India investment entity from its US and Chinese counterparts and rebranded the Indian unit as Peak XV Partners.
Peak XV also announced last month that it was reducing the size of its 2022 vintage fund by 16%, attributing the decision to soaring valuations in a richly priced public market.
As part of Sequoia, Peak XV raised $2.8 billion in 2022—including $2 billion earmarked for India, the largest amount ever for an India-focused fund.
Globally, the Sequoia manages over $85 billion. As part of the global restructuring, the firm had split its China business from the US and Europe divisions. In China, the firm is now operating as HongShan.
In May this year, Sequoia Capital backed the $6 billion Series B funding for Elon Musk’s artificial intelligence startup xAI.