New Enterprise Associates (NEA) has closed a new fund of $2.8 billion, the largest fund of all time. This is NEA’s fifteenth fund, as a successor to a $2.6 billion fourteenth fund that closed in summer of 2014.
The firm has also raised an additional $350 million ‘opportunity fund’ that will be used for select later-stage portfolio companies. With commitments totaling more than $3.1 billion, this fundraising brings the total capital of the firm to date is about $17 billion. The new fund will be used for investing in both early stage and growth stage companies.
“NEA will continue to execute on a diversified venture strategy across the technology and healthcare sectors, investing in companies at all stages of growth. Within the information technology sector, areas of particular interest include software and services, enterprise systems and consumer technology. The firm’s healthcare investing strategy continues to focus on opportunities in the biopharma, healthcare services and medical device sectors,” NEA said in a statement.
As with its prior fund, NEA expects to invest around 70% into technology firms and 30% into healthcare companies.
Some of its past big investments include Workday which went public in 2012 and is now worth around $16 billion, Box which went public earlier this year and is worth $2 billion, and Nicira which was acquired by VMware for over $1 billion in 2012.
Along with this announcement, the firm has appointed Scott Sandell as its Managing General Partner, alongside Peter Barris, who’s been with the firm since 1992.