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Sequoia Capital to restructure the investment structure: the establishment of a red shirt fund plan to increase investment in the Crypto market

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Sequoia capital plans to restructure the investment shelf, breaking the traditional organization based on the fund cycle

Sequoia Capital announced on October 27 that it plans to reshape its investment structure through Sequoia Funds. Sequoia said it is breaking the traditional organization based on fund cycles and restructuring Sequoia Capital around a single permanent structure: Sequoia Funds. The fund will hold all of its investments in the US and Europe, including shares in listed companies.

"We think the venture capital model is outdated," explains Roelof Botha, a partner at Sequoia Capital. "It created a strange dynamic between us and the founders, where on the eve of the IPO they asked us if we were going to leave the board and distribute stock quickly. Why should that be the default, especially when so much value creation happens later?"

红杉的有限合伙人将投资红杉基金，红杉基金将依次将资金分配给一系列封闭式子基金，用于从成立到首次公开募股的每个阶段的风险投资。这些风险投资的收益将通过持续的反馈循环流回红杉基金。投资将不再有「到期日」。

新组建的红衫基金将作为开放式资本工具；是红杉未来所有「子基金」(种子基金、风险基金、成长型基金等) 的唯一有限合伙人。子基金经理将决定何时将资产投入红杉基金，以优化自己的回报状况。

1. 有限合伙人将保留红杉基金的账户，拥有年度赎回权，并从这些账户余额中向子基金提出分配请求。换句话说，封闭式基金和开放式基金将不断地相互哺育。

2. 子基金将保持红杉的保费结构，包括 30% 的附带权益，而红杉基金的管理费将低于 1%，长期绩效费也将低于此前业内盛传的「高门槛」标准。

3. Sequoia employees will contribute at least 5% of the capital of the Sequoia Fund.

Sequoia also plans to become a registered investment adviser, which could allow it to expand its investments in areas such as cryptocurrencies and secondary markets.该公司还告诉投资者，它不打算公开上市。