Sequoia's managing partner, Roelof Botha, stated that there are currently 3,000 venture firms in the United States, up from 1,000 when he joined Sequoia 20 years ago.
“Investing in venture is a return-free risk,”
Botha said during an interview at TechCrunch Disrupt 2025, arguing that the venture industry isn’t an asset class. He noted that throwing more money into Silicon Valley doesn’t lead to better companies, and that venture capital is an asset uncorrelated with other asset classes.
Author's summary: Venture capital is not a traditional asset class.