Coatue vs TPG

Sequoia Rewinds 20-Year Expansion, Shuts London Office

Sequoia Capital announced a major restructuring, reversing its 20-year expansion. The firm is closing its London office, shuttering its Arc accelerator and Scouts program, merging early-stage and growth teams, and flattening its partnership. It also raised approximately $10 billion in new funds. The moves aim to refocus on high-conviction venture investing in the Bay Area, with seven general partners now owning and operating the firm. The changes follow a year after a generational transition and come amid a broader trend of VCs consolidating in Silicon Valley.

• Sequoia Capital raised approximately $10 billion in new funds.
• Sequoia is closing its London office, which opened in 2020.
• Sequoia is shutting down its Arc accelerator and Scouts program.

Revolut valuation jumps 53% to $115B in share sale

Revolut has closed a secondary share sale valuing the fintech at $115 billion (€103 billion), a significant leap from $75 billion last year and $45 billion in 2024. Led by Glade Brook, Coatue, Durable Capital, T. Rowe Price, and Baillie Gifford, the deal allowed employees to sell shares at around $2,017 each without raising new capital. CEO Nik Storonsky emphasized employee ownership. The company serves over 80 million retail customers globally and plans to exceed 100 million. It has expanded internationally, launching local banks in Britain, Mexico, Australia, and New Zealand, and obtaining licenses in France, Colombia, Argentina, and preliminary U.S. approval. In Austria, IBANs will be issued from 2027. Revolut reported 2025 revenue of €5.3 billion (up 46%) and pretax profit of €2.0 billion (up 57%). An IPO, potentially at $200 billion, is delayed until after 2028.

• Revolut completed a secondary share sale at a $115 billion valuation (€103 billion), up from $75 billion in 2025 and $45 billion in 2024.
• Lead investors included Glade Brook, Coatue, Durable Capital, T. Rowe Price, and Baillie Gifford, with no new capital raised.
• Revolut has expanded globally, launching banks in Britain, Mexico, Australia, and New Zealand, and obtaining licenses in France, Colombia, Argentina, and preliminary U.S. approval.

OpenAI nears up to $30B round at $1.25T valuation

OpenAI is in advanced talks to raise up to $30 billion at a $1.25 trillion pre-money valuation, led by UAE investors and Coatue, positioning it as the most valuable private company ever and a bridge to a potential IPO. OpenAI has confidentially filed its IPO prospectus with the SEC and targets going public by 2027, with the UAE investment possibly coupled with a commercial deal for additional compute capacity. This mega-round pressures rival Anthropic, which is expected to file its S-1 soon, with a cap table dominated by corporate investors and megafunds, and is reportedly seeking a $1.5-2 trillion valuation for its own IPO. The newsletter also discusses VC concentration, data center capacity forecasts, and notable deals, alongside other tech news.

• OpenAI is raising up to $30 billion at a $1.25 trillion pre-money valuation, led by UAE investors and Coatue.
• OpenAI confidentially filed for IPO and targets public debut by 2027; UAE investment may include compute capacity deal.
• Anthropic is expected to file its S-1 soon, with a cap table dominated by corporate investors and megafunds, and is seeking a $1.5-2 trillion valuation.

10-Q Financial Filing Analysis for TPG (2026-11-03)

TPG Inc. reported its third-quarter financial results for the period ended September 30, 2026, with total revenues remaining stable year-over-year at $1.22B, while nine-month revenues increased 12% to $3.56B. Fee-related revenue expanded significantly, driven by a 22% quarterly rise in management fees to $572.7M following capital deployment in flagship vehicles including TPG X, Rise Climate II, and credit strategies. Net income for Q3 2026 grew 32% year-over-year to $263.8M ($99.6M attributable to TPG Inc., or $0.41 diluted EPS), bolstered by $121.0M in net investment gains largely reflecting mark-to-market appreciation on equity holdings in Jackson Financial Inc. Total assets under management reached $345.7B, supported by $15.2B in quarterly capital raised and expanding fee-earning AUM to $189.5B.

• Q3 2026 total revenues were $1,221.1M compared to $1,223.5M in Q3 2025, with management fees rising 22% to $572.7M and capital allocation-based income decreasing 19% to $508.4M.
• Total AUM reached $345.7B as of September 30, 2026, with Fee-Earning AUM standing at $189.5B and dry powder (available capital) of $85.6B.
• Net income attributable to TPG Inc. for Q3 2026 was $99.6M ($0.41 per diluted share), supported by a $121.0M gain on investment activities primarily driven by equity holdings in Jackson Financial Inc.

8-K Financial Filing Analysis for TPG (2026-09-08)

On September 6, 2026, Todd Sisitsky notified TPG Inc. of his decision to step down from his role as President of the Company and resign from the Board of Directors, effective immediately. The filing did not cite any disagreements or operational disputes regarding the departure. As a prominent executive in TPG's leadership hierarchy, the sudden vacancy at the presidential and board level will prompt governance and organizational adjustments within the alternative asset manager.

• Todd Sisitsky stepped down as President of TPG Inc., effective immediately on September 6, 2026.
• Sisitsky simultaneously resigned from his seat on the Board of Directors of TPG Inc.
• The 8-K was signed and formally filed on September 8, 2026, by Chief Legal Officer Jennifer L. Chu.

Crusoe Raises $3.9 Billion Series F for its Vertically-Integrated AI Infrastructure Platform

TPG portfolio company Crusoe announced a $3.9 billion Series F funding round for its AI infrastructure platform.