Sequoia Capital last week completed its $861 million purchase of Stripe shares from Sequoia limited partners, Axios has learned.
Why it matters: This is a stark example of just how thirsty LPs are for liquidity, as there was enough selling interest to fulfill the full allotment that Sequoia offered in July. It also could become a model for how VC firms deal with long-in-the-tooth portfolio companies.
Details: LPs in Sequoia funds raised between 2009 and 2012 sold at $27.51 per share, which is Stripe’s most recent 409A mark and represents a $70 billion valuation.
Some LPs exited completely, while some only sold a portion, and many also were buyers via commitments to more recent Sequoia funds. Stripe, the payments giant founded 14 years ago, didn’t receive any proceeds.
What they’re saying: „We are pleased that we are able to offer flexibility to our LPs and in doing so, deepening our commitment to Stripe, a company we are very bullish on long term. We are optimistic about Stripe’s future and believe that Stripe is well-positioned to compound for many years to come.” — Sequoia Capital spokesperson to Axios.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
