Sequoia Capital, the Silicon Valley venture firm responsible for funding notable tech titans such as Apple Inc., Google Inc., Oracle Corp., Yahoo! Inc., YouTube and many others, is reportedly preparing a new startup, a $750 million hedge fund.
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The Menlo Park, Calif., firm reportedly has hired Eric Upin, former chief investment officer for the Stanford University endowment, to oversee the hedge fund, according to peHUB. Upin, formerly the CIO of Stanford Management, resigned from the endowment in February after three years there. Prior to joining Stanford Management, he was director of tech research at Wells Fargo, and a managing director of research at Robertson Stephens.
The hiring of a money manager like Upin certainly increases the credibility of the rumor that the firm wants to launch a tech hedge fund. Additionally, its office locations across the globe are well-suited to tap investors abroad. And Sequoia certainly knows how to raise money.
However, what makes this news interesting is the stance venture capital firms took when battling Washington's push to raise capital gains on limited partnerships. VCs were at pains to emphasize their long investment horizons, not like those transactional types, the hedge funds. - Matthew Wurtzel
See story about Upin from peHUB
See story about hedge fund from peHUB
