New Enterprise Associates closes 2 venture funds for $6.2 billion

The final numbers were “a little more than we originally intended to raise for an early-stage venture fund (NEA 18) and a little less for a growth equity fund (NEA 18 VGE), reflecting how market conditions have changed. in the fundraising process,” the spokeswoman added.

Both funds will invest “in a wide range of health technologies and sectors, including enterprise and consumer technology, digital health and life sciences,” according to a press release.

The spokeswoman noted that since setting their initial targets in mid-2021, “the inevitable market correction, rising interest rates, and geopolitical volatility have caused us to slightly change our own expectations for capital allocation in early and growth stage investments during NEA 18. investment cycle, and we have seen a similar shift in LP (Limited Partner) sentiment towards investing in earlier stages.”

Investors in both NEA 18 and NEA 18 VGE include the $173.3 billion Texas Teachers’ Retirement System, Austin; Tennessee Consolidated Pension System, Nashville, $62.2 billion; $47.3 billion Illinois Municipal Pension Fund, Oak Brook; Nebraska Investment Board, Lincoln, $35.6 billion; and the $20.9 billion Orange County Employee Retirement System, Santa Ana, California.

Including the latest fundraising round, as of December 31, New Enterprise Associates’ total assets under management exceeded $25 billion.

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