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

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.