May 24, 2022 - Economy

NEA raises more than $5 billion for new VC funds

Illustration of a unicorn horn sticking out of a pile of cash.

Illustration: Maura Losch/Axios

Venture capital giant New Enterprise Associates has raised more than $5.1 billion for a pair of new funds, according to federal securities filings.

The big picture: Venture firms are flush with capital, even though the tech market reset has slowed startup investment activity.

Inside the numbers: NEA has historically raised singular funds, the last of which was a $3.57 billion effort in 2019. But in 2021 it decided to raise a dedicated early-stage fund and a dedicated growth equity fund, while continuing to invest in both tech and life sciences companies.

  • The early-stage vehicle is near its $2.9 billion target, per a filing.
  • The growth-stage vehicle has secured around $2.3 billion of its $3.7 billion target, per a different filing.

An NEA spokesperson declined to comment, due to regulatory restrictions.

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