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US venture capital giant Sequoia is splitting off its China business into a separate entity, it said on Tuesday.
“It has become increasingly complex to run a decentralized global investment business,” the group told investors.
“We will move towards a fully independent partnership by March 31, 2024 and become an exclusive firm with separate brands.”
Sequoia will also separate its Indian and South-East Asian business into a third entity.
Sequoia China is run independently of the US business, but some of its vested interests – a share of its profits on successful deals – go to the global conglomerate, the FT reported last year.
Sequoia China has made huge profits on investments in ByteDance, TikTok’s parent company, and e-commerce companies Alibaba and Meituan, but has also faced Beijing’s tech crackdown with stakes in ride-hailing group Didi and online education companies.
This is a developing story
