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https://www.axios.com/2024/07/15/sequoia-capital-stripe
Sequoia Capital is offering its investors a way to cash out of Stripe, the payments giant it first backed nearly 14 years ago, Axios has learned.
Why it matters: Limited partners in venture capital funds are increasingly desperate for liquidity, as companies like Stripe eschew IPOs.
Behind the scenes: Sequoia this morning emailed LPs in funds raised between 2009 and 2011, offering to buy up to $861 million of Stripe shares.
In the weeds: The price would be $27.51 per share, which is Stripe's most recent 409A mark and represents a $70 billion valuation. For context, Stripe was valued at $95 billion back in 2021, but by last summer had slashed its worth to $50 billion.
The big picture: Sequoia is recognizing what some of its investors need, while simultaneously expressing faith in Stripe's future.
By the numbers: Stripe says it handled more than $1 trillion in payments in 2023, up 25% from the prior year.
The bottom line: This could become a template for how Sequoia handles other long-in-the-tooth portfolio companies, and a cause for celebration among limited partners.
Posted In: DXYZ