A new report claims Sequoia's recent changes undo the legacy of the firm's former steward.

Sequoia pioneered the scouts model and many VC firms followed suit, but a consensus now seems to be forming that the model has reached limits in its current form.

Sequoia is consolidating into a smaller, Bay Area–centered firm, shutting down the programs and offices it built during a 20-year expansion while announcing roughly $10 billion in new funds.