Sequoia Capital is reversing parts of a two-decade expansion, announcing roughly $10 billion in new funds alongside a smaller, more focused operating model. In a memo posted Wednesday, the firm said it will close its London office, end its Arc accelerator and Scouts program, merge its early-stage and growth teams, and discontinue its Monday partner meetings.

The changes, Sequoia said, follow an expansionary period in which it built businesses across multiple regions. The firm says that growth also brought added hierarchy, and that it now plans to concentrate resources on fewer people and activities.

Arc, launched in 2022, offered a seven-week accelerator for pre-seed and seed companies, with accepted startups receiving between $500,000 and $1 million. The Scouts program, which began around 2009, gave founders and operators small checks to invest on Sequoia’s behalf. The firm said ending both programs would let it put more energy behind the founders it backs directly.

Sequoia said several people will leave as a result of closing its London office, which opened in 2020. The firm said it believes European companies will continue to emerge, but that it can support them from its Bay Area base. Partner Luciana Lixandru said she declined an offer to move to San Francisco, will remain a partner and keep her board seats, and plans to invest personally in European founders.

The firm is also replacing its separate early-stage and growth teams with a single team and flattening its partnership. Sequoia identified seven general partners who will own and operate the organization: Alfred Lin and Pat Grady, its co-stewards, alongside Andrew Reed, Shaun Maguire, Konstantine Buhler, Sonya Huang and David Cahn.

The memo said former Workday CEO Carl Eschenbach has returned as a full-time partner, while Doug Leone has been brought back into a more prominent role. Jess Lee, who oversaw Arc, is now listed as Sequoia’s chief product officer, and Stephanie Zhan has left to start her own firm.

Sequoia said it is ending its Monday partner meeting cycle so its processes can better fit founders’ schedules. The firm described the changes as difficult, but said its focus remains helping founders build companies from idea to IPO and beyond.

Sources: TechCrunch.