Sequoia Partner Michael Moritz to Leave Venture Firm After 38 Years

Sequoia Capital partner Michael Moritz is leaving the venture-capital firm after nearly 38 years, marking the departure of one of the firm’s earliest and most successful investors.

Moritz will deepen his role as an adviser to Sequoia Heritage, an independent business that manages the wealth of many Sequoia partners and startup founders, according to a letter sent to limited partners Wednesday.

Moritz joined Sequoia Capital after working as a journalist for Time Magazine in San Francisco, where he wrote an early book about the Apple computer. He went on to lead Sequoia’s investments in Google, PayPal and Yahoo and co-led the firm for 16 years before stepping down from that role in 2012. Since then, he has remained as a partner and invested in a handful of new companies.

His exit marks the departure of a star investor who was responsible for leading investments in some of Sequoia’s most lucrative active startup bets, including in payments giant Stripe and grocery-delivery firm Instacart—set to deliver blockbuster returns to investors should they go public. Moritz’s investments in those companies, where he currently holds board seats, helped define Sequoia’s reputation in Silicon Valley as one of the most formidable early-stage investors of the current generation.

Moritz also spearheaded Sequoia’s expansion into China almost two decades ago, helping recruit star partner Neil Shen to lead what would become a lucrative multibillion-dollar business for Sequoia. Last month, Sequoia announced a historic split of its U.S. and China arms following two years of scrutiny from the White House and Capitol Hill, marking the end of what had been the most successful effort made by a U.S. venture firm to invest in China.

Sequoia said that Moritz would continue to represent Sequoia’s interests in a handful of companies where the firm has developed longstanding relationships. The firm said it would “smoothly transition” the board seats currently held by Moritz, without specifying a timeline.

Moritz wrote one of the first checks in Heritage in 2010, when he also joined the board. Heritage, which is also set to split from the Sequoia brand as a part of the firm’s reorganization, manages much of the wealth of Crankstart, the family foundation of Moritz and his wife, Harriet Heyman, the letter said.

The New York Times earlier reported on Moritz’s departure.

Write to Berber Jin at [email protected]