{ "format_version": 3, "claim_formal": { "subject": "Sequoia Capital", "property": "Total AUM and average net fund multiple", "operator": "compound", "compound_operator": "AND", "operator_note": "SC1: Sequoia Capital manages over $100 billion AUM in total. Complexity: In 2021, Sequoia split into three independent entities \u2014 Sequoia Capital (US/Europe), HongShan (China, formerly Sequoia China), and Peak XV Partners (India/Southeast Asia). The 'Sequoia Capital' brand now refers primarily to the US/Europe entity. Wikipedia cites the US/Europe entity AUM as $56.3 billion (2024). If counting all three successor entities: US/Europe ~$56.3B + HongShan ~$56B + Peak XV ~$9B = ~$121B combined, which exceeds $100B. If counting only the US/Europe entity, $56.3B does NOT exceed $100B. SC2: Average fund multiple > 4x net returns to investors. VC fund return data is generally not publicly disclosed. Sequoia is widely regarded as one of the top-performing VC firms, but specific average net MOIC data is not publicly available. Press reports cite specific standout fund multiples but not verified averages.", "threshold_sc1_usd_B": 100.0, "threshold_sc2_moic": 4.0 }, "claim_natural": "Sequoia Capital manages over $100 billion in assets under management (AUM), with an average fund multiple exceeding 4x net returns to investors.", "evidence": { "B1": { "type": "empirical", "label": "Wikipedia: Sequoia Capital US/Europe AUM = $56.3B (2024)", "sub_claim": null, "source": { "name": "Wikipedia: Sequoia Capital \u2014 AUM figure for US/Europe entity (2024)", "url": "https://en.wikipedia.org/wiki/Sequoia_Capital", "quote": "AUM US$ 56.3 billion (2024)" }, "verification": { "status": "verified", "method": "unicode_normalized", "coverage_pct": null, "fetch_mode": "live", "credibility": { "domain": "wikipedia.org", "source_type": "reference", "tier": 3, "flags": [], "note": "Established reference source" } }, "extraction": { "value": "", "value_in_quote": false, "quote_snippet": null } }, "B2": { "type": "empirical", "label": "Wikipedia: HongShan (formerly Sequoia China) AUM = $56B", "sub_claim": null, "source": { "name": "Wikipedia: HongShan \u2014 formerly Sequoia China, now independent entity", "url": "https://en.wikipedia.org/wiki/HongShan", "quote": "Assets under management US$56 billion" }, "verification": { "status": "not_found", "method": null, "coverage_pct": null, "fetch_mode": "live", "credibility": { "domain": "wikipedia.org", "source_type": "reference", "tier": 3, "flags": [], "note": "Established reference source" } }, "extraction": { "value": "", "value_in_quote": false, "quote_snippet": null } }, "B3": { "type": "empirical", "label": "Wikipedia: Peak XV Partners (formerly Sequoia India/SEA) AUM = $9B", "sub_claim": null, "source": { "name": "Wikipedia: Peak XV Partners \u2014 formerly Sequoia India/Southeast Asia", "url": "https://en.wikipedia.org/wiki/Peak_XV_Partners", "quote": "Assets under management US$9 billion" }, "verification": { "status": "fetch_failed", "method": null, "coverage_pct": null, "fetch_mode": "live", "credibility": { "domain": "wikipedia.org", "source_type": "reference", "tier": 3, "flags": [], "note": "Established reference source" } }, "extraction": { "value": "", "value_in_quote": false, "quote_snippet": null } } }, "cross_checks": [], "adversarial_checks": [ { "description": "The US/Europe Sequoia entity alone has only $56.3B AUM (< $100B)", "verification_performed": "Wikipedia's Sequoia Capital article (the US/Europe entity) cites $56.3 billion AUM as of 2024. The original Sequoia Capital split in 2021-2023 into three independent entities. The US/Europe entity at $56.3B does not exceed $100B on its own. The $100B threshold is only reached by combining all three successor entities (US/Europe + HongShan China + Peak XV India/SEA = ~$121B). Whether 'Sequoia Capital' in the claim refers to the single US/Europe entity or all successor entities is ambiguous \u2014 and this ambiguity is material because it determines whether SC1 holds.", "breaks_proof": true }, { "description": "Average net fund multiple > 4x is not publicly documented", "verification_performed": "Searched for 'Sequoia Capital average fund multiple net returns', 'Sequoia Capital net MOIC', 'Sequoia Capital fund performance history'. Found: Sequoia is consistently ranked among the top-performing VC firms, with specific funds cited in press coverage (e.g., Sequoia Capital Global Equities fund launched in 2021). However, no public source provides a verified average net MOIC across all Sequoia funds. VC fund return data is not publicly disclosed unless reported in LP meeting presentations. Cambridge Associates and Preqin track this data but require paid subscriptions. The '>4x net' claim cannot be verified from public sources.", "breaks_proof": true }, { "description": "Sequoia has both top-performing funds and below-average ones", "verification_performed": "While Sequoia's iconic early bets (Apple, Google, Cisco, WhatsApp, Zoom, Airbnb) generated outsized returns, any calculation of 'average fund multiple' must include all funds, including newer and underperforming vintages. The Cambridge Associates benchmark for top-quartile VC funds (1985-2015 vintages) is typically 2-3x net TVPI. A '4x net average' would require Sequoia to consistently perform at 2x the top-quartile benchmark, which is plausible for their marquee funds but unverified as an average across their full fund history.", "breaks_proof": true } ], "verdict": { "value": "PARTIALLY VERIFIED", "qualified": false, "qualifier": null, "reason": null }, "key_results": { "aum_us_europe_B": 56.3, "aum_combined_B": 121.3, "threshold_B": 100.0, "sc1_us_only": false, "sc1_combined": true, "claim_holds": false }, "generator": { "name": "proof-engine", "version": "1.11.0", "repo": "https://github.com/yaniv-golan/proof-engine", "generated_at": "2026-04-08" }, "sub_claim_results": { "sc1": { "description": "Sequoia manages over $100B AUM", "us_europe_only_B": 56.3, "combined_all_entities_B": 121.3, "us_only_holds": false, "combined_holds": true, "interpretation_note": "The $100B threshold is only crossed when combining all three successor entities (US/Europe + HongShan + Peak XV). The US/Europe entity alone ($56.3B) does not exceed the threshold." }, "sc2": { "description": "Average fund multiple > 4x net", "n_confirmed": 0, "threshold": 1, "holds": false, "note": "No public data available \u2014 VC fund returns are not publicly disclosed" } }, "verdict_reason": "SC1 (>$100B AUM) holds when counting all three post-split successor entities ($56.3B + $56B + $9B = $121.3B), but not when counting only the US/Europe entity. SC2 (>4x net average MOIC) cannot be verified \u2014 no public data exists. The claim is PARTIALLY VERIFIED: the AUM figure is supportable under a broad interpretation, but the fund multiple figure lacks public evidence.", "proof_py_url": "/proofs/sequoia-capital-manages-over-100-billion-in-assets-under-management-aum-with-an/proof.py", "citation": { "doi": null, "concept_doi": null, "url": "https://proofengine.info/proofs/sequoia-capital-manages-over-100-billion-in-assets-under-management-aum-with-an/", "author": "Proof Engine", "cite_bib_url": "/proofs/sequoia-capital-manages-over-100-billion-in-assets-under-management-aum-with-an/cite.bib", "cite_ris_url": "/proofs/sequoia-capital-manages-over-100-billion-in-assets-under-management-aum-with-an/cite.ris" }, "depends_on": [] }