US venture capital firm Sequoia plans to spin off its Chinese, and Indian and southeast Asian businesses into two independent firms.
The separation, which will see the two new firms adopt their own brands, will occur no later than 31 March next year, Sequoia said in a statement.
The firm’s US and European businesses will remain known as Sequoia Capital.
“It has become increasingly complex to run a decentralised global investment business. This has made using centralised back-office functions more of a hindrance than an advantage,” Sequoia said in a statement.
Under the new plans, Sequoia China will remain known by its current Chinese name but will adopt the name HongShan in English. Meanwhile, Sequoia’s Indian and southeast Asian business will be known as Peak XV Partners.
Sequoia started investing in local companies in China, India and southeast Asia more than 50 years ago. In China alone, it has about $56bn in assets under management and was an early investor in Bytedance, the owner of TikTok.