Sequoia Capital Global Equities, the $9bn hedge fund affiliated with venture giant Sequoia Capital, has moved to a multi-leadership model following a series of performance and cultural challenges, according to a report by the Wall Street Journal.

The fund, which invests in both public and late-stage private tech companies, had suffered a record loss in 2022 and experienced internal tension over profit-sharing and workplace culture.

Longtime head Jeff Wang stepped down in February amid complaints from staff regarding management style and profit distribution. In response, Sequoia promoted four internal leaders to jointly manage the fund: Bryce Kam as portfolio manager, Vince Wu as chief investment officer, and two general partners, Aneesh Venkat and Rock Meng.

The hedge fund continues to benefit from its ties to Sequoia Capital, gaining access to private investments including Stripe, ByteDance, SpaceX, and Meituan. Sequoia has also taken a larger share of the fund’s profits under the new structure.

Since the leadership transition, the fund has recovered from its 2022 losses, reporting hypothetical gains of 13.4% in 2023 and 19.3% in 2024, and is up 14% through September 2025. Former head Jeff Wang plans to launch a new hedge fund, Augnition Global Investors, in mid-2026.