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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

25 mins ago - Health

Axios-Ipsos poll: America looks for the exits after a year of COVID

Data: Axios/Ipsos poll; Chart: Danielle Alberti/Axios

A year after the coronavirus abruptly shut down much of the country, Americans are watching for a clear signal of when the pandemic will be over — and most won't be ready to ditch the masks and social distancing until they get it, according to the latest installment of the Axios/Ipsos Coronavirus Index.

The big picture: The poll found that more Americans are expecting the outbreak to be over sooner rather than later, as vaccinations ramp up throughout the country — but that very few are ready to end the precautions that have upended their lives.

Caitlin Owens, author of Vitals
26 mins ago - Health

Many vulnerable Americans have received the coronavirus vaccine

Data: CDC, U.S. Census Bureau; Chart: Andrew Witherspoon/Axios

More than two-thirds of Americans 75 and older have received at least one dose of the coronavirus vaccine, as have more than half of those 65-74, per CDC data.

Why it matters: Any future surge in cases almost certainly wouldn't be as deadly as previous waves, because older people are the most likely to die from the virus.

3 hours ago - World

Report: "Clear evidence" China is committing genocide against Uyghurs

The scene in 2019 of a site believed to be a re-education camp where mostly Muslim ethnic minorities are detained, north of Kashgar in China's northwestern Xinjiang region. Photo: Greg Baker/AFP via Getty Images

Chinese authorities have breached "each and every act prohibited" under the UN Genocide Convention over the treatment of Uyghurs and other Muslim minorities in China's Xinjiang province, an independent report published Tuesday alleges.

Why it matters: D.C. think-tank the Newlines Institute for Strategy and Policy, which released the report, said in a statement the conclusions by dozens of experts in war crimes, human rights and international law are "clear and convincing": The ruling Chinese Communist Party bears responsibility.