Jan 20, 2017

Why NEA picked now to raise a giant new VC fund

Dan Primack

Venture capital firm New Enterprise Associates surprised a lot of people earlier this week when it disclosed in an SEC filing that it is raising $3 billion for a new mega-fund. Not because $3 billion is a huge amount of money for venture capital (NEA has always been an outlier in that regard), but because the firm's current fund was raised less than two years ago.

So why come back so big so soon?

Two reasons, per a source close to the situation:

  1. NEA recognizes that 2017 is going to be a pretty soft year for big venture fundraises due to the incredible number of large firms that were in market last year. In other words, it's taking advantage of the cycle.
  2. Despite current conditions, the firm has concerns about the economic uncertainty that accompanies Donald Trump into the White House, and would prefer its cupboard to be fully stocked in case of a hurricane.

NEA declined comment, citing regulatory restrictions.

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Fadel Allassan

DOJ watchdog finds flaws in FBI surveillance process beyond Page application

Carter Page. Photo: Chip Somodevilla/Getty Images

The Justice Department inspector general found errors in 29 out of 29 randomized FBI applications for acquiring wiretap warrants through the Foreign Intelligence Surveillance Act, or FISA, according to a report released Tuesday.

Why it matters: The broad DOJ audit of the FISA program stems from a damning investigation into the FBI's surveillance of former Trump campaign aide Carter Page, which uncovered "serious performance failures" by some FBI officials during the Russia probe. The IG's final findings come as Congress debates whether to renew the authority it grants to the FISA courts.

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Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3:30 p.m. ET: 838,061 — Total deaths: 41,261 — Total recoveries: 174,115.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3:30 p.m. ET: 177,452 — Total deaths: 3,440 — Total recoveries: 6,038.
  3. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with other health conditions are more at risk, new data shows.
  4. Federal government latest: The White House and other institutions are observing several models to better understand and prepare cities for when the coronavirus is expected to peak in the U.S.
  5. In Congress: New York Rep. Max Rose deploys to National Guard to help coronavirus response.
  6. 🎧 Podcast: Misinformation in the coronavirus age.
  7. What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingArrowUpdated 1 hour ago - Politics & Policy
Rebecca Falconer, Orion Rummler, Marisa Fernandez

U.S. coronavirus updates: White House studies models projecting virus peak

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The White House and other institutions are observing several models to better understand and prepare cities for when the coronavirus is expected to peak in the U.S.

The state of play: The coronavirus is expected to peak in the U.S. in two weeks, but many states like Virginia and Maryland will see their individual peaks well after that, according to a model by the University of Washington's Institute for Health Metrics and Evaluation.

Go deeperArrowUpdated 3 hours ago - Health