New Enterprise Associates raises $3.3bn

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New Enterprise Associates has raised $3.3 billion to date for its New Enterprise Associates 16. The Chevy Chase-headquartered firm has set a $3 billion target and began fundraising in 2017.

Its previous fund raised $2.8 billion in 2015.

Investors that committed to New Enterprise Associates 16 include the Teachers' Retirement System of the State of Illinois, the Texas County and District Retirement System and the Los Angeles Fire & Police Pension System.

The fund will target growth equity opportunities in technology and health care sectors in North America and Asia-Pacific.