Renowned investor Michael Moritz is stepping down from Sequoia Capital after a remarkable 38-year tenure, according to a letter sent to limited partners and viewed by Reuters.
Moritz, aged 68, will now shift his focus to Sequoia Heritage, a USD 15 billion wealth management fund he helped establish in 2010. The fund is set to become an independent entity, diversifying its portfolio with a range of assets.
Throughout his illustrious career, Moritz has been an early supporter and long-standing board member of several prominent tech companies, including Google and PayPal. His contributions have played a pivotal role in elevating Sequoia Capital to become one of the most high-profile venture capital firms, boasting over USD 53 billion in assets under management in both the United States and Europe.
In 2012, Moritz had stepped back from a management position at Sequoia due to health reasons but continued as a partner, actively engaging with the firm's seed and growth teams. The recent announcement regarding his departure comes as part of a broader organisational restructuring by Sequoia Capital. The firm is also splitting its Chinese and Indian/Southeast Asian businesses into two independent entities.
Roelof Botha, another partner at Sequoia, assumed the global leadership position in July 2022, signifying a generational shift within the company. Following Moritz's exit, the firm intends to appoint a replacement for his board seats in high-profile unicorns such as Stripe, Klarna, and Instacart.
(Inputs from Reuters)