Sequoia Capital

Sequoia Capital pioneered venture investing by backing Apple, Google, Airbnb, Stripe, and WhatsApp, and now manages $85 billion across global funds. It restructured into a permanent capital vehicle, abandoning the traditional 10-year fund model that every other VC firm still uses. This shift allows Sequoia to hold assets indefinitely, a structural advantage that outperforms #2 Andreessen Horowitz's reliance on rolling funds. With a track record spanning four decades and an average IPO success rate 60% higher than the industry norm, Sequoia's data-driven approach produced a 20% net IRR across its last five funds.