The University of California has invested in 20 funds launched by Sequoia Capital since 2018 as a limited partner, half of which have seen a markdown in value, per documents seen by Business Insider.
Since the data was from June 2022, a further decline in valuations is expected as private tech markets deteriorated more in the second half of the year. Despite the decline in valuations, the funds could potentially provide satisfactory returns by the end of their respective tenures since Sequoia is "widely considered to be one of the most successful venture firms of all time," per Business Insider.
University of California's endowment is worth $28B, and it has invested $800M in Sequoia's funds since 2018.
- The university received $43M in cash distributions from recent investments.
- Sequoia's 2020 U.S. Growth IX Fund, 2018 China seed-stage fund, 2021 U.S. fund, and 2022 fund have seen valuation markdowns of 5%, 9%, 10%, and 15%, respectively.
- The University of California committed $232M to the 2022 Sequoia Capital Fund, of which it already deployed $147M.
