Sequoia Capital Operations, LLC

Sequoia Capital Operations, LLC provides discretionary investment supervisory services to pooled investment vehicles (the “Funds”), including closed‑end venture capital vehicles and an open‑ended Sequoia Capital Fund that holds positions in companies that have gone public; the brochure reports $82,165,771,068 in assets under management as of December 31, 2025. Investment advice is delivered to the Funds under Advisory Agreements and organizational documents rather than directly to individual investors.

The Adviser’s strategy emphasizes venture capital at the seed, early and growth stages across sectors such as business and consumer technology, healthcare, financial services and energy, and its services include sourcing, diligence, structuring, monitoring and disposition of investments. The firm also routinely uses co‑investment vehicles, Scout Funds and Side Funds and operates an open‑ended vehicle that can retain public positions in portfolio companies in perpetuity.

The brochure discloses several features that are uncommon for an SEC‑registered pooled‑vehicle manager of this scale, including affiliations with commodity trading activities and representations that the Adviser serves, for certain vehicles, in capacities consistent with commodity pool operator or commodity trading adviser roles. It also highlights atypical exposures and operational practices for a venture manager (for example, detailed Digital Asset and AI‑related activities and extensive side‑letter, co‑investment and expense‑allocation practices) that can produce nonstandard investor allocations and preferences.