McClure asked McAdoo whether Sequoia, like many firms, has an imperative to “put money to work” – in other words, invest large amounts of its investors’ capital.
Rule: You can’t compare Sequoia to the other “many firms”. They don’t worry about all the things that second tier firms do because of certain advantages. Namely, they can pretty much raise a fund whenever they want because of their strong track record. That said, they aren’t so arrogant that they fail to understand the high risks in VC (so they do worry about what they need to worry about). I’ve visited their offices and had some interesting discussions with high profile VCs there but can’t share that since everything was off the record.