US venture capital firm Sequoia announced that it will split its business in China as well as India and Southeast Asia into two independent companies.
Sequoia Capital will split off its China business as well as its India and Southeast Asia businesses into two independent firms, according to a statement.
«It has become increasingly complex to run a decentralized global investment business This has made using centralized back-office functions more of a hindrance than an advantage,» Sequoia said.
The statement was signed by managing partner Roelof Botha, China head Neil Shen, and India/Southeast Asia head Shailendra Singh.
Rebranding
The two new firms will be rebranded with Sequoia China retaining its current Chinese name and adopting HongShan as its English name, while Sequoia India and Southeast Asia will become Peak XV Partners. The US and European business will continue to be known as Sequoia Capital.
The split and rebranding will occur no later than 31 March 2024.
According to Sequoia, it started investing in local companies in China, India and Southeast Asia more than 15 years ago. Within China, it has about $56 billion in assets under management, having previously invested in over 1,200 companies including Bytedance, social media giant and owner of TikTok.
