How Sequoia won Citadel Securities: a decade of persistence with Ken Griffin
Key takeaways from 20VC interview with Sequoia partner Julien Bek on how the firm won its stake in Citadel Securities (August 2026):
A firm that never took outside money. Citadel Securities, Ken Griffin's market-making business, had never raised external capital before Sequoia and Paradigm led a $1.15 billion minority investment valuing it at around $22 billion.
A decade-long relationship, not a cold pitch. Sequoia partner Constantine Bell led the deal off the back of a relationship he had built with Ken Griffin since his student days, having been mentored by Griffin for years.
Persistence was the edge. Bell never gave up, repeatedly asking to invest until Griffin eventually agreed — Julien Bek's illustration of his point that "everyone at Sequoia is a hunter", not a firm waiting for the phone to ring.
Conviction wins deals at Sequoia. Bek stressed that the best investments across Sequoia's funds are consistently the ones where the sponsoring partner held the highest conviction and refused to let go.
Read more: CNBC
