Sequoia Capital partner Michael Moritz to exit firm after 38 years

economictimes.indiatimes.com:

Michael Moritz, the storied venture capitalist who sits on the boards of Stripe and Instacart, is leaving Sequoia Capital after 38 years, according to a letter sent to limited partners on Wednesday and viewed by Reuters. Moritz, 68, will now focus on Sequoia Heritage, a $15 billion wealth management fund that he helped launch in 2010. The fund will be independent from Sequoia Capital, with focus on a diversified range of assets, according to the letter.

A spokesperson for Sequoia Capital confirmed Moritz's exit and declined to comment on details. Moritz, one of the most well-know investors in tech, was an early backer and long-running board member at tech companies including Google and PayPal, and once led Sequoia to become one of the most high-profile venture capital firms. It now has more than $53 billion in assets under management in the United States and Europe.

In 2012, Moritz stepped back from the management role at Sequoia, citing health reasons, and has remained a partner at the firm's seed and growth teams. Sequoia Heritage is set to become independent as part of a broad organizational shift the firm announced last month, which will also split its Chinese and Indian/Southeast Asian businesses into two independent firms. Sequoia Capital has been going through a generational transition as partner Roelof Botha took on the firm's global leadership position in July 2022.

Following Moritz's exit, Sequoia will over time replace his board seat at high-profile unicorns including Stripe, Klarna and Instacart. In a statement, Klarna said Moritz will remain a board representative on Sequoia's behalf and chairman of the board in the foreseeable future. Economic challenges and geopolitical tensions have made venture capital