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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

Updated 58 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day.
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. Sports: MLB to investigate Dodgers player who joined celebration after positive COVID test.
  5. 🎧Podcast: The vaccine race turns toward nationalism.

The norms around science and politics are cracking

Illustration: Aïda Amer/Axios

Crafting successful public health measures depends on the ability of top scientists to gather data and report their findings unrestricted to policymakers.

State of play: But concern has spiked among health experts and physicians over what they see as an assault on key science protections, particularly during a raging pandemic. And a move last week by President Trump, via an executive order, is triggering even more worries.

Ina Fried, author of Login
2 hours ago - Technology

Apple sets September quarter sales record despite later iPhone launch

Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.