Sequoia Continues Summit Poaching

Sequoia Capital has quietly added former Summit Partners Associate Patrick W. Grady to its team, the third low-ranking Summit employee in the past nine months.

Patrick Grady joins former coworkers Alexander Harrison and Scott Carter at Sequoia and will focus on software and services investments. The new Sequoia investor should not be confused with the Rearden Commerce CEO and founder of the same name.

Sequoia Capital has been bulking up its team with junior talent from later-stage investors. Grady, Harrison and former Technology Crossover Ventures investor Chris Olsen work on the growth fund under the direction of Scott Carter, sources say.

Grady could not be immediately reached for comment.

The hires are geared to work on Sequoia’s later stage vehicle. The firm has managed a growth fund in parallel with its core funds since the late 1990s. The first version, Sequoia Capital Franchise Fund, raised $350 million in 1999. The firm’s latest growth fund, Sequoia Capital Growth Fund III, raised about $860 million to do venture growth and PIPE investments.

Last year Sequoia raised separate China and India growth funds, which would appear to have the same growth focus. 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.

Summit Partners spokeswoman Joan Miller says Grady was at the end of his tenure as an associate. “We have more than 40 Associates at Summit Partners. Roughly one-third of this group leaves each year, in the normal course, at the conclusion of their commitment — which is typically three years in length,” she says.