Venture capital is not an asset class, says Sequoia's Roelof Botha | TechCrunch

Venture Capital Not an Asset Class

Sequoia's managing partner, Roelof Botha, stated that there are currently 3,000 venture firms in the United States, a significant increase from 1,000 when he joined Sequoia 20 years ago.

At TechCrunch Disrupt 2025, Botha argued that the venture industry isn't an asset class, and that investing more money in Silicon Valley doesn't lead to better companies.

“Investing in venture is a return-free risk,”

Botha said during an interview. He explained that venture capital is an asset uncorrelated! with other asset classes, as seen in its history.

Summary: Venture capital is not an asset class, says Sequoia's Roelof Botha.

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TechCrunch TechCrunch — 2025-10-28

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