NEA closes giant $2.8b global VC fund
New Enterprise Associates (NEA) has reached a final close on its 15th global flagship fund at $2.8 billion, and raised an additional $350 for a new co-investment vehicle - NEA 15 Opportunity Fund.
The fund - said to be the largest VC vehicle ever raised - brings NEA's total committed capital since inception to almost $17 billion. It is also the firm's third vehicle to pass the $2.5 billion mark. Fund XIV reached a close of $2.6 billion in mid-2012.
It is not yet clear how much of the capital will be deployed in Asia, but the firm has historically been active in the region, particularly in India and China. Its Indian investments over the past 18 months have included RezNext Global Solutions, real estate service IndiaHomes, and Hyperverge. Meanwhile, in China it has backed the likes of online job site 51Lietou.com, and game developer Linekong Interactive.
To coincide with the close Scott Sandell has been appointed managing general partner alongside Peter Barris. Sandell, who joined the firm in 1996, is head of the firm's technology practice and leads NEA's investing activities in China.
"It's true that it's never been cheaper to start a business-but it's also never been more important to scale quickly. To do this, companies need capital and they need partners who can meaningfully help them," said Sandell in a statement. "As we begin to deploy capital from this new fund, we're tremendously excited to help fuel the growth of new market leaders during what we believe is a time of unprecedented innovation and opportunity."
NEA will continue focus on the technology and healthcare sectors, investing in companies at all stages of growth. Within the IT space, areas of particular interest include software and services, enterprise systems and consumer technology. The firm's healthcare strategy includes opportunities in the biopharma, healthcare services and medical device sectors.
NEA 15 Opportunity Fund will make investments alongside new or follow-on deals where the anticipated total check size exceeds the typical amount invested by the core fund.
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