Sequoia Capital, one of the world’s largest venture firms, told investors Tuesday morning it would divide its global partnership into three separate and independent geographic units, for China, the U.S. and Europe, and Southeast Asia and India, citing an “increasingly complex” dynamic.

Sequoia partners Roelof Botha, Neil Shen, and Shailendra Singh delivered the update to their limited partners via a joint message. Botha is managing partner for Sequoia’s U.S. and Europe business, while Shen and Singh run Sequoia’s China and Southeast Asia businesses, respectively.

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“To deliver on our mission, we have decided to fully embrace our local-first approach,” the three partners told their investors.

The move will be completed no later than March 31, 2024, the partners said.

The U.S. firm will retain the Sequoia branding. Shen’s Chinese fund, which has been increasingly seen as an independent entity even before the move, will take the name HongShan in English. Singh’s Indian unit will be named Peak XV Partners.

“It has become increasingly complex to run a decentralized investment business,” the executives wrote in their message to investors. “We’ve seen growing market confusion due to the shared Sequoia brand as well as portfolio conflicts across entities.”

Sequoia is one of the world’s top venture funds, with notable investments in Apple, Google, Paypal, and Zoom.

A Sequoia representative did not immediately respond to a request for comment.

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