Sequoia splits into three entities

Sequoia is splitting into three entities — Sequoia Capital in U.S. and European businesses, Peak XY Partners in India and Southeast Asia, and HongShan in China — as the storied venture firm scrambles to assess the increasing complex of managing a decentralized operation. 

The split comes amid the growing geopolitical tension between China and the U.S., the world’s two largest economies. The India and Southeast Asia unit has also confronted some optics and governance issues at its portfolio firms.

Peak XV Partners, which under its previous brand name raised $9.2 billion across 13 funds and invested in over 400 startups in the region, will now look to deploy some $2.5 billion it raised last year, the India and SEA unit said.

More to follow.