Michael Moritz bids farewell, marking the end of an era at Sequoia Capital.
Prominent VC Investor, Michael Moritz, Departs Sequoia Capital After 38 Years
chandni
Michael Moritz, the renowned journalist-turned-venture capitalist, has bid farewell to his long-standing career at Sequoia Capital. After 38 years with the firm, Moritz has decided to focus on "deepening his advisory relationship" with Sequoia Heritage, the wealth management unit he co-founded in 2010 alongside colleague Doug Leone, where he also sits on the board.
The departure comes as a surprise, as Moritz had already relinquished his day-to-day responsibilities in 2012 due to a diagnosed medical condition. Despite this, he remained actively involved with Sequoia, holding several board seats in prominent companies like Getir, Instacart, Strava, Klarna, and Stripe.
In a note to limited partners (LPs), Sequoia's global managing partner, Roelof Botha, confirmed Moritz's departure and reassured LPs that he will still represent Sequoia Capital in certain companies, though those responsibilities will be gradually transitioned to other partners.
Some insiders expressed concern over Moritz's departure, considering the recent changes and challenges faced by Sequoia Capital, including the restructuring of its China and India funds and a shift towards holding public shares longer. Additionally, the firm experienced setbacks, such as the decline of public company shares and a substantial investment loss in FTX, a crypto exchange.
Sequoia Capital has also seen other notable departures, including investors Kais Khimji, Daniel Chen, and Mike Vernal. However, the firm has been actively hiring new talent, including David Cahn from Coatue Management and Julien Bek from Accel.
On the other hand, Moritz's new journey at Sequoia Heritage, which has seen significant growth in assets under management, holds promise for his continued involvement in the investment landscape.
As Michael Moritz moves on from his long and influential chapter at Sequoia Capital, the firm faces a shifting landscape in the world of startup investing. With the seasoned investor's departure, many eyes are on the firm as it navigates the changing market dynamics and continues to make strategic investment decisions.
