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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

2 hours ago - Health

Biden administration to lift travel ban for fully vaccinated international travelers

Photo: Win McNamee/Getty Images

White House COVID-19 response coordinator Jeff Zients announced on Monday that the Biden administration will allow fully vaccinated travelers from around the world to enter the U.S. beginning in November.

Why it matters: The announcement comes as President Biden seeks commitments from countries to donate vaccines to the global COVAX initiative. He is expected to host a COVID summit on the sidelines of the UN General Assembly this week, and many of the countries attending have expressed frustration with the travel ban.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Gen Z breaks into VC

Illustration: Aïda Amer/Axios

When Meagan Loyst joined VC firm Lerer Hippeau, less than two years out of Boston College, she was still living with her parents. She had virtually no online brand presence, and the pandemic made it impossible to build a professional network via in-person meetings.

Why it matters: Loyst wasn't alone. Venture firms have accelerated hiring in line with record deal activity, often seeking younger investors who can spot trends that fly below the radar (or intrinsic understanding) of older partners.

White House aims to protect workers from extreme heat

Two pear pickers in Hood River, Ore. on Aug. 13. Photo: Michael Hanson/AFP via Getty Images

The White House announced a slew of actions Monday, including the start of a rule-making process at the Occupational Safety and Health Administration (OSHA), to protect American workers from extreme heat.

Driving the news: The U.S. just had its hottest summer on record, with triple-digit-temperatures killing hundreds in the Pacific Northwest and exposing outdoor workers to dangerous conditions.