Sequoia Capital closes London office and ends Evergreen Fund
The firm is merging its early-stage and growth teams into a single core unit and winding down its long-term holding structure. The move aims to simplify operations and focus resources on high-conviction investments.
Sequoia Capital has announced it is closing its London office, ending its Scout program, and merging its early-stage and growth teams into a single core team. The firm is also winding down its Evergreen Fund, a structure implemented in 2022-2023 that incentivized limited partners to hold assets long after IPOs. The decision to end the Evergreen Fund is attributed to differing liquidity needs among LPs and the complexity of forcing long-term holding.
Sequoia’s European investments include Eleven Labs, Dollar App, Odoo, and Bolt. The restructuring is being compared to the strategy of Founders Fund, which deployed its growth fund in 11 months with a small team, concentrating on a few high-conviction investments like Stripe, Android, and SpaceX. The firm’s move is viewed as a logical simplification, focusing resources on high-conviction deals rather than maintaining a broad, complex operational footprint.