Storied venture capital firm Sequoia Capital plans to raise $500 million to $600 million for its first-ever crypto fund.
Sequoia’s restructuring moves the firm away from a conventional venture capital structure and schedule of returning the investments of limited partners around 10 years.
Sequoia channels all investments via the Sequoia Fund, an open-ended liquid portfolio of public positions in a number of selected companies. The fund allocates capital to a series of closed-end sub-funds.
The venture capital firm also revealed a $900M to $950M Ecosystem sub-fund that allows some founders of portfolio firms in other related companies and a $3.2B to $3.5B Expansion sub-fund focused on growth-stage firms.
Crypto venture capital funds soared to new highs last year as prices of digital assets rallied. In November, Paradigm started a $2.5B fund, surpassing a $2.2B fundraised last summer.