Sequoia Is Said to Close Fundraising for Bulk of $8 Billion Fund

Sequoia Capital closed fundraising for the bulk of a new global investment vehicle, raising $6 billion and creating the largest U.S.-based venture capital fund.

The commitments came largely from new investors, according to people familiar with the matter. In coming months, Sequoia aims to close the round for the firm’s existing investors, bringing the fund’s total to $8 billion, one of the people said. The people asked not to be named discussing private information.

Sequoia Capital declined to comment.

Venture funds have ballooned in size recently as startups increasingly delay going public, leading investors to commit capital at later stages ...