investment into China will slow, especially if and when an executive order comes into play. Those like PitchBook’s Stanford predict U.S. Sequoia’s highest-profile China bet is its stake in TikTok owner ByteDance, which, in addition to being the world’s most valuable private company-most recently valued at around $220 billion-has drawn the ire of the U.S. Meanwhile, VC firms have increasingly been under pressure to divest from China, while Sequoia has reportedly been consulting outside national security experts this year regarding prospective investments in China. investors’ ability to invest in Chinese companies (it will focus on artificial intelligence, semiconductors, and quantum computing). Amid rising tensions, the Biden administration has been preparing an executive order to restrict U.S. Those exemptions likely indicate that the breakup was only a matter of time, no doubt sped up by the recent iciness with China, Stanford argues.īut that geopolitical backdrop is key. and European investments under one big, open-ended fund, which included holding public stocks longer. The firm’s China and India units also weren’t part of Sequoia’s big firm remodel in 2021 when it reorganized its structure to hold all U.S. Sequoia says their China and India arms were already largely independent with local investors making decisions. Over the last year, the value of deals in China with non-Chinese investor participation has plummeted, down nearly 70% in 2022 from 2021 the figures are tracking even lower so far in 2023, per PitchBook data. … another reason for investors to slow their deployment to China, to rethink their strategy,” he told me. ![]() “We’ve heard over the past six months that everyone is taking a much more cautious eye toward China. ![]() and China escalate, according to PitchBook senior venture analyst Kyle Stanford. Instead, it’s “another domino” amid VCs and their growing skittishness over investing in China as tensions between the U.S. ![]() It’s a big move for Sequoia, but it’s not necessarily going to prompt other VCs to follow suit and ditch their China offices or funds. Sequoia’s shift brings the firm in line with how some other VCs are already set up, with separate China arms, like Redpoint Ventures. Sequoia declared the big catalysts for the move included conflicts between portfolio companies among the different entities and difficulties with centralized back-office functions. and Europe will remain under Sequoia Capital, but the three will become different brands by March of 2024 at the latest profit sharing and centralized back-office functions, meanwhile, will cease by the end of this year, a person familiar with the plans confirmed. He is an avid golfer.On Tuesday Sequoia announced in a letter to their limited partners that the firm is going to break off its China and India units into separate entities-with the China entity, launched in 2005, taking on the name HongShan in English and India and Southeast Asia together becoming Peak XV Partners. Joe lives, plays, and travels between his homes in Philadelphia and Southern California. He graduated from Argosy University with his bachelor’s in business administration and earned his MBA in finance. Joe is a Board-Certified Fellow of the American College of Healthcare Executives (FACHE). ![]() Joe is a limited partner with Tech Council Ventures and serves on the Boards of Keck Graduate Institute’s School of Medicine, Black Directors Healthcare Equity Agenda (BDHEA), Public Health Advocates, and Quidel Corporation (NASDAQ: QDEL). Joe served as Board Chair of Providence St Joseph Hoag Health, American Hospital Association, and at the California Hospital Association. He held executive roles at Quest Diagnostics and Atlantic Health System, establishing corporate venturing programs. He spent 26 years at Danaher Beckman Coulter, a leader of healthcare diagnostics and life sciences. Joe Wilkins joined Touchdown in 2019 and brings more than 35 years of healthcare leadership, governance, key relationships, and a diverse perspective to private equity and venture fund programs.
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