Here's the link: http://www.businessweek.com/articles/2013-02-07/charlie-rose-talks-to-sequoia-capitals-michael-moritz
The recent Businessweek interview "Charlie Rose Talks to Sequoia Capital's Michael Moritz" is a short but interesting conversation with one of the leading figures of venture capital. One interesting comment he makes in the interview was that it wasn't uncommon for Sequoia to hold investments for 10 years or more, and that it's not uncommon for the partners of Sequoia to own stock for 15 or 20 years. To me this highlights something that many investors in venture capital funds don't truly consider - that the life of a typical venture capital fund can be much longer than the 10 year stated term in the limited partnership agreement. Some funds have changed the term to 12 years, and most funds contain extensions to the initial term of two to four years. Investors in venture capital funds should be aware that the time from the initial capital call to the final distribution can be as long as 15 or 16 years, or even sometimes longer.
Here's the link: http://www.businessweek.com/articles/2013-02-07/charlie-rose-talks-to-sequoia-capitals-michael-moritz
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