For purposes of this brochure, the “Adviser” means Sequoia Capital Operations, LLC, a Delaware
limited liability company, together (where the context permits) with its affiliated general partners
of the Funds (as defined below) (and, together with the family of related entities operating under
the Sequoia Capital name and mark, “Sequoia Capital”).
The Adviser provides investment supervisory services to investment vehicles (the “Funds”) that
are exempt from registration under the Investment Company Act of 1940, as amended (the “1940
Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the
“Securities Act”).
The Funds include an open-ended Fund, the Sequoia Capital Fund, which holds positions in
portfolio investments that have gone public and is expected to operate in perpetuity until dissolved.
Additionally, the Adviser continues to provide investment supervisory services to closed-end
Funds which focus primarily on making venture capital investments at the seed, early, and growth
stages of companies. The Adviser expects to organize its closed-end venture capital vehicles
established after the date of the Brochure as underlying investment vehicles, or subsidiary vehicles,
of the Sequoia Capital Fund. References herein to “Funds” refer to such subsidiary vehicles, as
applicable. In accordance with the Funds’ respective investment objectives, investments are
generally made in companies doing business across multiple sectors, including business
technology, consumer technology, healthcare, financial services, energy and others.
The Adviser’s
advisory services consist of investigating, identifying and evaluating investment opportunities,
structuring, negotiating and making investments on behalf of the Funds, managing and monitoring
the performance of such investments and disposing of such investments when the Adviser deems
appropriate. The Adviser may serve as the investment adviser or general partner to the Funds in
order to provide such services.
The Adviser provides investment supervisory services to each Fund in accordance with the limited
partnership agreement (or analogous organizational document) of such Fund or separate
investment and advisory, investment management or portfolio management agreements (each, an
“Advisory Agreement”).
Investment advice is provided directly to the Funds, subject to the discretion and control of the
applicable general partner, and not individually to the investors in the Funds. Services are provided
to the Funds in accordance with the Advisory Agreements with the Funds and/or organizational
documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally
established in the organizational or offering documents of the applicable Fund and Advisory
Agreements negotiated with investors in the applicable Fund (such documents collectively, a
Fund’s “Organizational Documents”).
The Adviser has no principal owners (i.e., owners of more than 25%). The Adviser has been in
business since 1972. As of December 31, 2023, the Adviser manages a total of $56,310,737,031
of client assets, all of which is managed on a discretionary basis.