Ex-Sequoia investor raises $1 billion for tech hedge fund

Jeff Wang, a former senior investment manager at Sequoia Capital, has raised more than $1 billion for Augnition Global Investors, a technology-focused hedge fund that began trading in October.

Augnition started with at least $570 million in capital, according to a regulatory filing dated Sept. 30. Investors are expected to provide the remaining committed funds over time. About 45% of the disclosed starting capital came from internal sources.

The firm will invest in public and private technology companies. Its initial fundraising includes $25 million for a vehicle focused on Cyera, a cybersecurity company.

Augnition is the second hedge fund startup in 2026 to raise more than $1 billion. NX1 Capital, founded by former Coatue Management investor Daniel Senft, launched in January with $2.5 billion.

Wang, 47, previously led Sequoia Capital’s global equities business for about a decade. In 2025, he disclosed that the strategy had generated annualized returns of 17% and increased its assets under management from $600 million to $9 billion during his tenure.

His investment record includes late-stage positions in ByteDance, SpaceX, Stripe and Airbnb.