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Sequoia Capital has raised about $7 billion for a new fund tied to its expansion strategy, according to Bloomberg. The fund will support late-stage investments in the United States and Europe. It is the first major fundraiser under the firm’s current co-stewards, Alfred Lin and Pat Grady, and it comes as Sequoia continues to increase its exposure to artificial intelligence companies.
The new fund is almost twice the size of Sequoia’s comparable 2022 expansion vehicle, which raised $3.4 billion. The capital is set aside for the firm’s late-stage investing arm, which focuses on larger private companies in the US and Europe. Sequoia declined to comment on the reported raise.
The new pool of capital shows how late-stage venture investing has changed as AI companies raise larger rounds and stay private longer. Many AI firms now require large amounts of funding to support model training, data centre use, and computing needs. As a result, firms like Sequoia play a crucial role in backing companies through later stages.
The fundraising also adds to the previous capital raised by Sequoia. The firm announced about $2.5 billion last year for seed, venture, and growth-stage investments. According to a securities filing cited in the provided material, Sequoia had more than $80 billion in assets under management at the end of last year.
Sequoia has already backed several of the best-known AI companies. Its portfolio includes OpenAI, Anthropic, and xAI. In January 2026, Sequoia joined an Anthropic round led by GIC and Coatue, even though Anthropic and OpenAI compete in the same market.
The firm has also invested beyond the largest model developers. Its AI-related bets include Physical Intelligence, a robotics company based in San Francisco, and Factory, which builds AI agents for enterprise engineering work. Those investments show that Sequoia is targeting both core AI model companies and startups applying AI in other sectors.
Several of Sequoia’s AI portfolio companies are also reportedly considering public listings in 2026. If those plans move forward, the firm could see large returns from listings involving companies it backed at earlier stages. For now, the reported raise gives Sequoia more room to support mature companies that need larger checks.
The $7 billion raise is the first fresh fundraising completed under Alfred Lin and Pat Grady, who became co-stewards in November 2025. They took over after Roelof Botha stepped down from the top leadership role. Their “stewards” title follows an older Sequoia leadership model linked to founder Don Valentine.
The leadership change came after a difficult period inside the firm. Former COO Sumaiya Balbale resigned in August 2025 amid criticism over the firm’s handling of posts by senior partner Matt Maguire. More than 600 founders had signed an open letter calling on Sequoia to adopt a zero-tolerance policy on hate speech.
Sequoia has also made other internal changes in recent months. In March, the firm named former senior steward Doug Leone as chairman and brought him back into a more active investing role. It also added Liam Corrigan, Sonali Singh, and Carl Eschenbach to investing roles, while several investors stepped back or reduced their positions.
At the same time, Sequoia’s US and European business remained separate from Peak XV Partners and HongShan after the restructuring that followed the 2023 split.
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