Sequoia Capital said in a blog post that the 10-year venture fund has "become obsolete. ": Over the past half-century, Sequoia Capital has established itself as the envy of Silicon Valley, from early bets on Cisco, Apple and Google to more recent wins like Zoom, Snowflake and Airbnb. Now the firm is changing its fund structure entirely and declaring that the existing time-based model for investing has "become obsolete." "Our industry is still beholden to a rigid 10-year fund cycle pioneered in the 1970s," Roelof Botha, a partner at Sequoia wrote in a blog post on Tuesday.