New NEA Fund Could Bring $1 Billion To Health Care

 
• By Tom Salemi

Following two years of strong exits from biopharma and medtech investment, New Enterprise Associates raised over $3.1 billion for its 15th fund raising. The new pool of capital consists of $2.8 billion for a traditional venture fund – the fourth consecutive fund to top $2.5 billion – and a $350 million “Opportunity Fund” that will be co-invested with the new and prior fund in late-stage growth equity deals.

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...

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