Sequoia Capital has lowered management fees in its two recently-launched venture funds as it braces for a slower investment environment, partner Alfred Lin said on Thursday.
The changes in fee structure allow limited partners who committed capital to Sequoia's crypto and ecosystem funds launched early last year to pay management fees based on capital deployed, rather than the common model of capital under management that applies to other Sequoia funds.
The moves marks an unusual concession by the world’s top venture investor after U.S. venture capital deals fell from their 2021 peak by 31%. Sequoia's longstanding relations with LPs has been tested by the nosedive in valuation in tech companies and the fallout in its portfolio company FTX.
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