Sequoia Capital has a new global leader in veteran investor and PayPal alum Roelof Botha. The heavyweight venture capital firm has tapped Botha to serve as Senior Steward of its global brand and operations, replacing Doug Leone. The move is effective July 5, with Leone continuing as a general partner in Sequoia’s existing funds. In an interview, Botha and Leone said the move was the result of a two-year transition process pegged to Leone’s 65th birthday on July 4, and which has included hiring a global CFO, head of compliance and CIO. For Botha, the move represents a gradual journey from investor to mentor to leader, he says, all with the same goal: “to leave the partnership in a better place than we found it.”“There’s a phrase Doug has, that the Ford Foundation has been a client of Sequoia longer than I’ve been alive, and they’ll be a client long after I’m gone,” says Botha. “We’re caretakers, we’re here to be of service.”Botha, 48, made a name for himself at PayPal, the online payments pioneer he joined in 2000, and where he served as chief financial officer. The grandson of South African politician Pik Botha, he joined Sequoia the year after PayPal’s IPO in 2003. A thirteen-time Midas List member, Botha ranked No. 9 in 2021. He’s invested in companies including Instagram, MongoDB, Square, YouTube and 23andme; more recently, he backed video meetings startup Mmhmm. When former Midas List No. 1 Jim Goetz stepped back from the firm in 2017, Botha became the sole leader of Sequoia’s U. S., and now U. S. and Europe, operations, which he will continue to lead. What power Botha will exactly wield is not so clear-cut. As Senior Steward, Botha’s mandate is to “set the overall tone” and oversee global compliance, finance and culture, the firm says. But Sequoia operates differently from some venture capital firms that centralize their global investments with one group of funds. The U. S. and Europe funds operate alongside Sequoia China, India and Southeast Asia funds, Sequoia Heritage (a wealth manager) and Sequoia Capital Global Equities (a crossover fund with public company positions); each is led by its own managing partner responsible for fundraising from a distinct group of limited partners. Sequoia’s own partners invest in each other’s funds. Sequoia China founder Neil Shen, another former Midas List No. 1, is now the firms’ only Steward under Botha. The U. S. business, which expanded to Europe in 2020, also operates differently within Sequoia itself: in October, the firm announced a single fund, the Sequoia Fund, that doesn’t operate under traditional decade-long fund cycles, and instead operates one large, untimed fund that allocates money to individual funds. In February, the firm unveiled one such fund focused on crypto. Leone’s step back comes after a multi-decade run atop Sequoia’s global operations.
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