Performance watch: New Enterprise Associates

The veteran VC firm invests in technology and healthcare companies, and has maintained consistent performance through leadership transitions.  

New Enterprise Associates, a 40-year old venture and growth equity firm, is raising its 17th fund targeting $3.6 billion.

NEA, which has $20.2 billion in assets under management, invests across the venture spectrum, primarily in information technology and healthcare businesses.

The firm expects to invest 60 percent of Fund 17 in information technology and 40 percent in healthcare, according to Teachers’ Retirement System of Louisiana documents obtained by Private Equity International.

Louisiana Teachers’ committed $25 million to NEA’s Fund 17, which will invest between $250,000 and $100 million in approximately 130 investments.

Management fee is 1.25 percent average annual fee, based on committed capital,  then on invested, though it is unclear when the switch will take place. The fund has no hurdle rate and the GP carry will be 30 percent, according to Nebraska Investment Council documents. Nebraska plans to commit $50 million to Fund 17.

The 40-year-old firm has invested more than $20 billion across its 16 flagship funds and has gone through three successful leadership transitions since it was founded in 1978 by Dick Kramlich and Chuck Newhall.

NEA did not respond to requests for comment.

The interactive chart below shows the firm’s previous fund performances. The bubbles are sized proportionately to the size of the fund; toggle between the tabs to see how they have fared by net internal rate of return and total value multiple.