The iconic Silicon Valley-based firm said it’s doing away with separate investment funds, each with its own fixed time horizon, for its U.S. and Europe business. Instead, Sequoia will ask limited partners to invest in a single fund that will generate returns on a permanent basis. (The Logic)

Talking point: Sequoia says the new structure will allow it to hold investments on a longer time horizon, noting that some of their best portfolio companies generated the most value long after the typical 10-year period for a VC investment. Under its new model, the main Sequoia Fund will back a series of small funds focused on different financing stages from inception to IPO, whose returns will flow back to the main one. The announcement comes at a time when venture capital firms are undergoing a period of soul-searching. With a growing number of funds and increasing competition for deals, VCs have had to prove their value to potential portfolio companies, with some—like Andreessen Horowitz—offering additional services such as marketing and recruiting on top of providing capital.