Sequoia China Growth Nears Close

Sequoia Capital is nearing the final close on a $450 million growth fund, according to a regulatory filing. The firm started raising the fund last August, as PE Week first reported. The growth fund has raised $430 million and expects to pay salaries and fees to its officers, directors and affiliates of $96.8 million.

Last year, The firm fleshed out its primary team of general partners with a group of associates. The firm brought Kevin Pan over from China International Capital Corp. Ltd., where he was an investment banker. It hired Glen Sun away from General Atlantic, where he was focused on IT related growth stage investment in China. And Sequoia hired Shauna Xie, who was a management consultant with the Monitor Group.

Sequoia is also nearing a close on a $225 million China early stage fund, its second. The fund has raised $220 million and expects to pay fees of $49.7 million, according to the filing.