Silicon Valley-based Sequoia Capital announced that it was splitting into three separate geographically-based units amid a rise in tensions between the U.S. a▨nd China. 

The venture capital firm, known for its investments in tech startups, including in the owner of social media site TikTok, said in a letter to investors that the company would be divided into independent operations in China, India/Southeast Asia, and U.S./Europe.

The letter stated that it has become “increasingly complex to run a decentralized global investment business.” It added that the company has seen “growing market confusion” because of the shared Sequoia brand, as well as portfolio conflicts across entities. 

Sequoia not🌌ed that because𒆙 of those difficulties, it had decided to “embrace our local-first approach.”

Sequoia indicated that the move to become completely distinct firms with separate brands would occur no later than March 31, 2024.