Limited partners increasingly are finding safety in numbers, putting larger sums of capital behind select venture firms. But they also draw comfort investing in firms enjoying a strong string of exiting success. New Enterprise Associates clearly met both metrics, securing over $3 billion in capital for its 15th venture fund. The firm raised the fund around its long-time strategy of investing across multiple sectors including technology and health care. As a result, the new pool of capital – actually two funds split into $2.8 billion and $350 million – could steer $1 billion into health care companies including biopharmaceuticals, medical devices, and health care IT.
NEA’s fundraising success is the latest example of the extremely rich getting richer. Limited partners clearly are favoring larger investment firms with multi-stage strategies offering both venture and growth equity...
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