Fresh off a year of sizable exits, Sequoia Capital has processed a new regulatory filing, revealing it has raised more than $1.35 billion for its newest fund, Sequoia Capital 2010, which the firm began raising in 2009. The news was first reported by Fortune.
UPDATE: A source at Sequoia who asked not to be named played down the report about the fund, saying it was old news. The fund was raised “quite some time ago,” and the only reason it hit the press was because Sequoia was required to file a statement about the fund with the SEC, the source said. -Ed.
Fortune also uncovered a fund strategy memo published by serial Sequoia limited partner University of Michigan, which characterized the new fund as one that will invest in both early- and growth-stage startups based in both the United States and China. Areas of focus include financial services, consumer services and health care.
The SEC filing lists it 19 GPs in Sequoia’s Menlo Park, Calif., and China offices. The document does not include longtime partner Mark Kvamme, who announced to reporters earlier this month that he has taken an economic development job as the interim director of the Ohio Department of Development. Kvamme said at the time that he has stepped down from his GP role and plans to return to Sequoia full-time at a later date. Kvamme joined Sequoia in 1999.
Sequoia has enjoyed some major exits in the past year. Nine of its portfolio companies went public on U.S. exchanges in 2010, collectively raising proceeds of $934 million, according to Thomson Reuters (publisher of this blog).
As my colleague Joanna Glasner reported last November, six of Sequoia’s portfolio companies went public in the prior five months on U.S. and Asian Exchanges. At that time, Sequoia’s stakes in those companies were valued at more than $1.3 billion.
Two deals accounted for the bulk of that tally: Sequoia held a 32% pre-IPO stake in prepaid card provider Green Dot (Nasdaq: GDOT), which currently has a market cap of $2.64 billion; and Sequoia held a 62.5% stake in Chinese mail-order catalog company MecoxLane (Nasdaq: MCOX), which has a market cap of about $313 million, about half of what it was at the time of its IPO in October.
Besides MecoxLane and Green Dot, other Sequoia-backed companies that went public on U.S. exchanges last year were: Alpha & Omega Semiconductor, AutoNavi Holdings, Beijing Polybona Film Distribution Co., Country Style Cooking Restaurant Chain Co., Le Gaga Holdings, Noah Private Wealth Management Centre Co. and SKY-MOBI.
Sequoia also stands to hit it big when social networking site LinkedIn goes public this year, as is widely expected.
Still, Sequoia isn’t perfect. It is not an investor in several of the hottest companies on the planet right now, including Facebook, Zynga, Groupon and Twitter.
Note: Subscribers to Venture Capital Journal can get a complete list of all Sequoia-backed IPOs and acquisitions for 2010 here.
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