Something strange is happening at Sequoia.
On September 13, the financial daily Mint reported that Sequoia India is in talks to sell stake in eight firms for $200 million. The idea is to rationalise its India portfolio of over 130 companies. To quote from the Mint story:
“It is common for limited partners (or investors who put money into private equity and venture capital funds) to sell their stakes in the secondary market, but it is not so common for a general partner, or the manager of a fund (the private equity or venture capital firm itself) to sell its stake, an expert said on condition of anonymity.”
Still, there could be good reasons for this, he added.