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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta | How to Play AI in the Public Markets | China & Europe: Is the Future Bleak | The Opportunity for Crossover Funds with Jeff Wang, Managing Partner @ SCGE

Wed, 09 Oct 2024

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Jeff Wang is the Managing Partner of Sequoia Capital Global Equities (SCGE), a public/private crossover investment firm with investments spanning from late-stage private companies to public companies. As Managing Partner, Jeff has primarily focused on public growth technology companies but has also invested $3 billion in private companies including Bytedance, SpaceX, and Stripe. Prior SCGE private investments that have since gone public include Airbnb, Doordash, MongoDB, Nubank, and Snowflake. Before joining SCGE in 2010, Jeff also worked at TPG Capital and Silver Lake Partners where he focused on investments in technology buyouts. 10 Questions with the Leader of Sequoia’s $9BN Global Equities Fund: 1. Crossover Fund Opportunity: Why are crossover funds more attractive today than ever? Have the tourists gone? 2. Public Market Opportunity: Why is the opportunity in the public markets, not the private markets today? 3. IPO Markets: When will IPO markets open? What will cause them to open? 4. Breaking Hedge Fund Rules: What are the biggest ways that Sequoia break the traditional rules of hedge funds? 5. Google: Why does Jeff believe that Google’s cash cow of search is under threat? 6. Meta: Why does Jeff believe Meta will be the biggest competitor to Google? 7. NVIDIA: Why is NVIDIA’s price today reasonable? What is the bull and bear case? 8. China: Is there a recovery for China? How do Sequoia play China in this market? 9. AI in Public Markets: How are Sequoia playing the AI game in the public markets? 10. Investing Lessons: What have been Jeff’s biggest investing lessons from Mike Moritz, Doug Leone and Roelof Botha?  

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Full Episode

0.129 - 22.168 Jeff Wang

I do think there are more threats on Google's business than there have been ever in the company's history. I think Nvidia's price is reasonable if you think it's going to continue to keep going. For us, 70% of our research process is actually upfront on the theme and only 30% on the actual company. You have to be a pirate interpreting a treasure map. We need to sail to the right island.

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22.248 - 27.672 Jeff Wang

Now, if we don't sail to the right island, it doesn't really matter which ship you picked. Those are just not good investments.

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29.076 - 53.632 Harry Stebbings

This is 20VC with me, Harry Stebbings, and I promised you the best guests in the world that have never done a podcast before. Today is exactly that. Jeff Wang has scaled Sequoia Capital global equities from $50 million of internal partner funds to $9 billion in assets under management, and he's invested $3 billion into private companies like ByteDance, SpaceX, and Stripe.

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53.772 - 75.937 Harry Stebbings

and he also led investments in Airbnb, DoorDash, MongoDB, NewBank, and Snowflake, all when they were private. Jeff has never done a podcast before, and so this is the first time you will hear him speak, and wow, what a show we have in store for you. But Before we dive in, I'd like to introduce you to one of my favorite brands, Atteo. Atteo is the next generation of CRM.

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76.177 - 92.415 Harry Stebbings

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92.755 - 115.956 Harry Stebbings

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116.256 - 134.865 Harry Stebbings

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135.026 - 154.112 Harry Stebbings

The fund is already off to a good start with $100 million into some of the largest, most in-demand AI and data infrastructure companies. Companies like OpenAI, Anthropic, and Databricks Check out the Innovation Fund's impressive list of investments for yourself by visiting fundrise.com slash 20VC.

154.312 - 176.381 Harry Stebbings

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