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Sign at 3000 Sand Hill Road

Longtime Silicon Valley venture firm Sequoia Capital has just raised a massive $700 million fund called the Sequoia Capital Global Growth Fund.

That’s a hefty fund, considering that Sequoia’s recent funds have all been under $500 each, including a $200 million fund focused on Israel (its fifth fund aimed at that country) in August, 2012, and a pair of China-focused funds and a U.S.-focused one that combined added up to about $1 billion in May, 2012.

Sequoia declined to comment for this story, but a source familiar with the matter suggested that the firm would use its new, big fund to invest in more mature companies alongside big, late-stage players. In later-stage rounds, the amount of dollars required to invest can easily approach nine digits ($100 million), so Sequoia needed a deeper pocket to reach into for these kinds of big investments.

The “global” designation indicates that this fund will permit investment in any part of the world where Sequoia currently invests, including the U.S., our source told us.

According to the fund’s SEC filing, the new fund is incorporated in the Cayman Islands, which should be convenient when its returns start rolling in. However, the fund will be managed from Sequoia’s headquarters on Sand Hill Road in Menlo Park, Calif.

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