Happy Friday, Term Sheet readers. Finance reporter Anne Sraders here, filling in for Lucinda (she’ll be back in your care on Monday).
This week VC Twitter has been buzzing about one big announcement: Sequoia Capital, one of the most revered venture capital firms around, is shifting its model and creating The Sequoia Fund, an open-end fund (read: no 10-year fund cycle) for its U.S. and European investments. It will be an overarching fund composed of public stocks that will then feed capital into closed-end sub-funds that will make venture investments, according to the firm’s blog post.
