Venture capital major Sequoia Capital has raised roughly $7bn for a new expansion-stage fund, marking the first major fundraising effort under its new leadership team, according to a report by Bloomberg citing unnamed people familiar with the matter.
The fund will be used to back later-stage companies across the US and Europe, with a strong emphasis on artificial intelligence startups. It will support larger investments in firms such as OpenAI, Anthropic and other capital-intensive AI businesses that continue to require significant funding rounds.
The latest vehicle is about twice the size of Sequoia’s previous $3.4bn expansion fund raised in 2022 and was completed earlier this year, the sources said.
The fundraising signals continuity and evolution under co-leaders Alfred Lin and Pat Grady, who took over stewardship of the firm last year following Roelof Botha’s transition. The firm has also reshaped its senior ranks, bringing back Doug Leone as chairman and adding new investment partners while several others have stepped back or moved into different roles.
Sequoia has increasingly concentrated its late-stage strategy on dominant AI platforms, with existing investments including OpenAI, Anthropic and xAI, the latter now part of SpaceX. Several of these companies are expected to pursue public listings in 2026, potentially generating significant returns for investors.
Beyond AI, the fund will also target more mature technology companies outside the sector. Recent examples of Sequoia’s late-stage activity include cybersecurity firm Wiz, which was sold to Alphabet in a $32bn transaction that closed last month.
Sequoia now manages more than $80bn in assets, according to regulatory filings, reinforcing its position among the largest venture capital firms globally.
Other large fundraising efforts are also underway across the venture capital industry, including new funds being raised by Iconiq and General Catalyst, which is reportedly targeting up to $10bn.
