With the amount of capital available, no question that many companies that would have IPO'd years ago are electing to stay private (hello, Stripe!).

The cynic in me says: this is great marketing, because the best Sequoia fund is the early stage fund (always oversubscribed) and now as an LP you can't invest in just the early stage fund. (But the reality is I bet they forced early stage fund LPs to invest in their growth vehicles anyway, so there is no material change other than marketing. Which is very good.)