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By Preeti Singh
Peak XV Partners, formerly part of Sequoia Capital, is creating a new fund that will take stakes in global seed and early venture funds, and make other investments that fall outside the purview of its existing portfolios.
The Peak XV Anchor Fund will be backed by an internal pool of capital, according to a letter sent to investors. Formerly known as Sequoia India & Southeast Asia, the venture-capital firm rebranded as Peak XV Partners last year and is now fully independent.
“Through this new fund, we will continue to be a significant investor in our future funds,” Peak XV said in the letter seen by Bloomberg News. It didn’t say how big the new fund would be.
“We plan to leverage this internal balance sheet to invest in and partner with other fund managers across regions, strategies and sectors,” the letter added.
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Peak XV did not respond immediately to emails seeking comment.
The firm announced the new fund, which would begin investing from April, at its annual general meeting on Tuesday in New Delhi, according to people familiar with the matter.
The new fund will take stakes in funds focused on artificial intelligence and other new technologies, the people added.
While it was still part of Sequoia, the firm completed $2.85 billion in fundraising in 2022 to invest in Indian and Southeast Asian startups. The Peak XV team, along with Sequoia’s global group, had committed more than $500 million to that and other prior funds, according to the letter.
Peak XV also views the new fund as a talent-retention tool for its principals and senior executives, and has no plans for now to open it to limited partners, the people said.
Sequoia Capital last year said it would split into three independent entities, including one focused on the US and one on China. Sequoia India & Southeast Asia, which has raised $9.2 billion across 13 funds, became Peak XV, the original name of Mount Everest.
