Lightspeed Is Latest Firm to Shift Away From Classic VC Model

Lightspeed Venture Partners, one of Silicon Valley’s largest venture capital firms, has changed its regulatory status to broaden its range of investments — following similar moves by Sequoia Capital, Andreessen Horowitz and General Catalyst as they shift away from the traditional VC playbook.

Lightspeed, which manages $31 billion in assets, has completed the process of becoming a registered investment advisor (RIA), according to a US Securities and Exchange Commission filing. The move is the culmination of a lengthy regulatory process and gives the firm freedom to invest more capital into assets beyond direct startup equity. It’s also a signal that most of the country’s biggest VCs now have ambitions to expand beyond only investing in startups.