September 12, 2003

Venture-Capital Fund Dumps U. of California System as Investor

We don't want your money. Please leave.

Rarely do billion-dollar university endowments suffer such rejection. Rarer still does the brushoff come from a venture-capital fund whose business depends on raising big bucks.

But late last month Sequoia Capital, a top-tier venture fund with $1.6-billion under management, told the University of California system to hit the road. It is the second time in a month that Sequoia has jettisoned a public-university investor, having dropped

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