Dec 21, 2017

Sequoia Capital is talking about a $5 billion fund

Dan Primack, author of Pro Rata

Photo via Smith Collection/Gado/Getty Images

Sequoia Capital is speaking with investors about raising $5 billion for its third global growth fund, although it has not yet set an official target or begun formal marketing.

Why it matters: This is a whole lot of money, and is further reflection of how hot private companies are staying private longer.

There has been some argument that Sequoia's possible target is being motivated by SoftBank's Vision Fund, but it's a bit more complicated than just a dollar-for-dollar fight.

  1. The percentage growth between Sequoia's current global growth fund and its next one is about the same as between its $750 million first fund and its $2 billion second fund.
  2. Sequoia doesn't expect to compete with SoftBank on a pure capital basis, since a $5 billion fund can't outspend $100 billion fund. But the added resources will help Sequoia provide an alternative to existing portfolio companies, including instances where its offer is smaller but it successfully makes its case that SoftBank is trying to overcapitalize for the sake of ownership percentage.

Scoop credit: Recode first broke the news, which Axios has subsequently confirmed with a source familiar with the situation.

Go deeper

Updated 36 mins ago - Politics & Policy

Autopsies say George Floyd's death was homicide

Police watch as demonstrators block a roadway while protesting the death of George Floyd in Miami. Photo: Joe Raedle/Getty Images

Preliminary results from an independent autopsy commissioned by George Floyd's family found that his death in the custody of Minneapolis police officer Derek Chauvin was "homicide caused by asphyxia due to neck and back compression that led to a lack of blood flow to the brain," according to a statement from the family's attorney.

The latest: An updated official autopsy released by the Hennepin County medical examiner also determined that the manner of Floyd's death was "homicide," ruling it was caused by "cardiopulmonary arrest complicating law enforcement subdued, restraint, and neck compression."

The Biden-Trump split screen

Photos via Getty Images: Jim Watson/AFP (L); Yasin Ozturk/Anadolu Agency (R)

The differences between former Vice President Joe Biden and President Trump are plain as day as the two respond to recent protests.

Why it matters: Americans are seeing firsthand how each presidential nominee responds to a national crisis happening during a global pandemic.

Louisville police chief fired after body cameras found inactive in shooting of black man

Louisville police officers during protests. Photo: Brett Carlsen/Getty Images

Louisville Mayor Greg Fischer fired the city's chief of police Steve Conrad after it was discovered that police officers had not activated their body cameras during the shooting of David McAtee, a local black business owner who was killed during protests early Monday morning.

Why it matters: Mandatory body camera policies have proven to be important in efforts to hold police officers accountable for excessive force against civilians and other misconduct. Those policies are under even greater scrutiny as the nation has erupted in protest over the killing of black people at the hands of police.