VC fund sequoia says its exposure to ftx_official is limited. thesamreynolds reports
via its Global Growth III fund and $63.5 million into the exchange and its U.S. division via its SCGE Fund. These investments represent 3% of the Global Growth III fund and less than 1% of the SCGE fund.
“The $150 million loss is offset by the approximately $7.5 billion in realized and unrealized gains in the same fund, so the fund remains in good shape,” Sequoia wrote in a note. The VC fund noted that in 2021, when it made the investments, FTX generated $1 billion in revenue and $250 million in operating income.
FTX’s investors include Softbank, Temasek Holdings, the Ontario Teachers’ Pension Plan, Race Capital, and Lightspeed Venture Partners, amongst others. “We are in the business of taking risk. Some investments will surprise to the upside, and some will surprise to the downside,” Sequoia wrote. “We do not take this responsibility lightly and do extensive research and thorough due diligence on every investment we make.”
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