Sequoia Capital Targets $2.25 Billion for Two U.S. VC Funds

Sequoia Capital, defying the tech market sell-off that’s chilled startup fundraising, is asking investors to commit money to two new U.S.-focused funds, according to two people familiar with the matter.

The Menlo Park, Calif.-based venture capital firm behind Airbnb and DoorDash expects to dedicate $1.5 billion to a U.S. growth fund focused on more mature companies, the people said. It’s also planning a $750 million fund focused on earlier-stage deals, one of the people said. The firm expects to close the new funds in July.

They’re the latest of what Sequoia is calling “sub-funds,” launched after the firm overhauled the structure for its U.S. and European business. In a bid to make it easier to hold stock in companies after their initial public offerings, Sequoia set up an evergreen main fund called the Sequoia Capital Fund. The firm is now inviting investors in that fund to place their money in these new sub-funds.