Moritz, 68, will now focus on Sequoia Heritage, a $15 billion wealth management fund that he helped launch in 2010.
The fund will be independent from Sequoia Capital, with focus on a diversified range of assets, according to the letter.
A spokesperson for Sequoia Capital confirmed Moritz's exit and declined to comment on details.
Sequoia Capital has been going through a generational transition as partner Roelof Botha took on the firm's global leadership position in July 2022.
Economic challenges and geopolitical tensions have made venture capital fundraising and investment difficult, and eaten into global venture funds' returns.
Persons:
Michael Moritz, Moritz, Roelof Botha, OpenAI's, Mike Vernal, Krystal Hu, Kanjyik Ghosh, Nilutpal, Saumyadeb Chakrabarty, Will Dunham
Organizations:
Sequoia Capital, Reuters, Sequoia Heritage, Google, PayPal, Sequoia, Venture, Silicon, Thomson
Locations:
Sequoia, United States, Europe, New York, Bengaluru