Sequoia Capital said on Wednesday that Michael Moritz, the Silicon Valley venture capitalist who was an early investor and long-running board member at Google, is leaving the firm after 40 years.
Moritz, a partner in the U.S. venture capital giant's seed and growth teams, will focus on Sequoia Heritage, a $15 billion wealth management fund that he helped launch in 2010, the Financial Times reported, citing a letter to investors. The paper was the first to report the move.
Moritz's move comes a month after the firm announced plans to split its Chinese and Indian/Southeast Asian businesses into two independent firms.
Economic challenges and geopolitical tensions have made fundraising and investment difficult, and eaten into global venture funds' returns.