Sequoia Capital, the Menlo Park, Calif.-based venture capital firm with assets of $35 billion, plans to divide itself up into three firms based on geography, the firm has said. Sequoia Capital will focus on the U.S. and Europe. Peak XY Partners, which was formerly known as Sequoia India & SEA, will specialize in deals from India and Southeast Asia. HongShan will operate in China. The three firms will operate as independent partnerships and separate by a target date of March 31, 2024. The firm said it’s become “increasingly complex to run a decentralized global investment business,” according to a statement from Roelof Botha, Neil Shen and Shailendra Singh. Sequoia has backed most of the biggest names in tech from Google (Now Alphabet) GOOG to OpenAI.
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