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Sequoia Ventures - Is This the Investment Business?
In 1975, Don Seidman was trying to raise a first-time fund for an asset class that didn't yet exist. He went out and he made this pitch about, hey, I think I can at least double 10% IRR. The reception he gets is like, well, this doesn't sound like the investing business. This isn't fixed income. It's really digging in and helping start something from scratch. And it ends up taking him almost three years while we're working with Capital Group to raise the first independent Sequoia fund.