Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Sequoia Capital's Doug Leone. Photo by Steve Jennings/Getty Images.
Sequoia Capital has accepted up to a $350 million commitment to its new global growth fund from the Washington State Investment Board, as first noticed by peHUB.
Why it matters: Sequoia is among the world's most successful VC firms, and this officially reverses its decade-plus policy of not allowing U.S. public pensions into its funds.
What happened? Sequoia originally barred U.S. public pensions because it didn't want its fund performance data to be publicly available. The reversal seems to be one of practicality, as there is a limited universe of investors that can afford the $250 million minimum check size Sequoia is seeking for this new fund.
- Last month we scoped that Sequoia was marketing the fund to some U.S public pensions.
This is no halfway reversal. WSIB is among the most transparent U.S. public pensions when it comes to disclosing fund-level performance data, with quarterly reports that include such metrics as net IRRs, carrying values and cash-in/cash-out (example here).
Sequoia declined to comment on this, or if it's also reversed course on allowing funds-of-funds to participate. That ban was based on Sequoia's displeasure with funds-of-funds using Sequoia's name and brand to market their own vehicles.