Firms & Funds

Distributions from Sequoia to UC fall, but asset value is higher

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Womans hand holding US banknotes. Photo courtesy of JamieB/iStock/Getty Images

Distributions from Sequoia Capital to the University of California are down this year, but the investment value of Sequoia holdings in the portfolio has climbed to a five-year high, according to data from the university.

The limited data on the investments, which includes accumulated distributions, capital calls and the present value of Sequoia’s assets as a group, are all the university will release on the most recent of the approximately 13 Sequoia funds it has invested in over the past three decades.

They show a positive return on the funds, but one that is hard to calculate with specificity.

The university’s most recent Sequoia investments include:

  • Sequoia Global Growth from 2012, where it committed $35 million (the fund close at $700 million, according to Thomson Reuters);
  • Sequoia U.S. Growth from 2011, where it committed $30 million (a $950 million fund);
  • and Sequoia Capital 2010, where it committed $30 million. (Sequoia Capital 2010 is a combination of three separate funds: a U.S. venture fund, a China venture fund, and a China growth fund.)

The only other active Sequoia funds in the portfolio appear to be the aging Sequoia Capital X from 2000, a near $700 million fund that received a commitment of $28 million, and a $350 million Sequoia Capital IX from 1999, to which the university committed $18 million.

According to the data, Sequoia’s 2017 distributions from the funds amounted to $3.48 million through mid-year. Last year, the funds distributed a more substantial $16.57 million and in 2015, $10.8 million. Distributions in 2014 represented the peak year of the past five with an unusually large $60.72 million conveyed.

Net asset value though June this year rose to $142.57 million, up from $136.65 million at the end of 2016. This year’s mark is the highest since 2012.

Meanwhile, capital calls from the funds have fallen sharply this year. Only $239,441 was called through mid-year, down from $5.51 million in 2016 and $21.41 million in 2015.

Download Data: Asset value of UC’s investments into Sequoia Capital rises

Photo of hand holding money courtesy of JamieB/iStock/Getty Images