NEA reaches $2.5bn for Fund XIII

Silicon Valley-based venture capital firm New Enterprise Associates (NEA) has closed its thirteenth fund on just shy of $2.5 billion, nearly matching its predecessor, which closed on $2.5 billion in August 2006.

The new fund represents about 17 percent of all US venture capital funds raised last year and is the largest venture capital fund raised since 2007, according to a statement from the firm. It brings NEA’s total committed capital to more than $11 billion.

The global fund began investing in May 2009. It primarily invests in the information technology, energy technology and healthcare sectors, continuing the strategy of NEA’s previous fund, which was used to grow the firm’s presence in the Chinese and Indian markets.

NEA was unavailable for comment at press time.

NEA has offices in the US, China and India. In China, NEA primarily makes early- and late-stage investments in companies in the technology, healthcare and consumer products and services sectors. It also invests indirectly in the country through two affiliates, venture capital firms Northern Light and BioVeda China. The firm has a team of seven advisors based in its Beijing and Shanghai offices and a five-strong investment team in Menlo Park.

In India, NEA makes mid- to late-stage investments. It also invests indirectly in the country through NEA-IndoUS, a venture capital firm focused on technology and technology-enabled services. The firm has seven members of its team based in offices in Mumbai and Bangalore and another four India-focused staff in Menlo Park.