Venture capital major Sequoia Capital is shutting down its Washington DC-based policy office and laying off its small policy team at the end of March, according to reports.
The decision affects three full-time employees and several policy fellows, Fortune reported, citing sources. The policy team advised Sequoia and its portfolio companies on regulatory matters and built relationships with global policymakers.
The team was formed five years ago and the office was subsequently opened by Don Vieira, former senior official at the US Department of Justice and the House Permanent Select Committee on Intelligence.
A spokesperson told TechCrunch that Sequoia has decided to sunset the team and its function because the firm is well-positioned to carry these relationships in the US and Europe forward.
Globally, Sequoia manages over $85 billion. In 2023, it spun off its India investment entity from its US and Chinese counterparts and rebranded the Indian unit as Peak XV Partners. The firm had also split its China business from the US and Europe divisions. In China, the firm is now operating as HongShan.
Last year, the firm marked up the value of its 2020 Sequoia Capital US Venture VII fund by 24.6% in June, according to Pitchbook.
Per PitchBook’s analysis of data from the Regents of the University of California’s endowment, the fund, opened in 2020 and closed two years later at $808 million, has been marked up almost 30% in the last two years.
In addition to its 2020 US flagship fund, Sequoia marked up six of its US and global venture funds by 11.3% on average between June 2023 and 2024.
The move to shutter its Washington office comes as Sequoia and other venture capital firms stand to reap returns as high as 200 times in the $32-billion buyout of cybersecurity firm Wiz by Google’s parent Alphabet.
