NEA Raising $3.6B In Its Most Massive Fund To Date

Prolific venture investor New Enterprise Associates (NEA) has filed paperwork with the SEC indicating its intent to raise as much as $3.6 billion for a new investment fund. The fund would be its largest yet if it meets or exceeds the target, surpassing the $3.3 billion it raised in 2017.

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According to the filing, the first sale has “yet to occur” and the offering should not take more than one year.

Menlo Park-based NEA has made more than 1,500 investments since its inception in 1977, leading more than one-third of them, according to Crunchbase data. It made nine investments in February alone, including participating in Oyster Point Pharmaceuticals’ $93 million Series B and FabFitFun’s $80 million Series A. Generally, it likes to invest in biotech, health care and software companies although its portfolio is varied.

NEA has also seen more than 300 exits over time, including Groupon, Vonage and Box.

The filing lists the firm’s 10 general partners, including Forest Baskett, Ali Behbahani, Carmen Chang, Anthony Florence, Mohamad Makhzoumi, Joshua Makower, David Mott, Scott Sandell, Peter Sonsini, and Paul Walker.