Managers

The firm's previous effort closed on $5.75bn in July 2024 with support from big pension funds such as New York State Common Retirement Fund, State Teachers Retirement System of Ohio and San Diego City Employees' Retirement System.

The Menlo Park-based firm raised capital across six vehicles, underscoring its customized fund architecture and deep AI investment track record.

The New York-based firm reportedly plans to match its total for Fund XVI with its latest vehicle as it takes a more disciplined approach.

The semiconductor specialist firm has so far raised over $100m toward its target of $500m for its debut vehicle.

With Rice University’s Office of Innovation as an anchor investor in the fund, the firm will continue to invest the majority of its capital in start-ups from the Princeton University ecosystem.

'We’re all three Naval Academy graduates ourselves, so it’s about investing back into the place that’s important to us,' says co-founder Billy Hurley.

The pension system is considering a $50m commitment to New Enterprise Associates 19, which is targeting $3.25bn.

The Boston-based venture firm invests primarily in deep tech, energy and AI, with a focus on lowering carbon emissions.

North American GPs are split on whether they double down on DEI as a differentiator, or decrease its prominence in reaction to the Trump administration's stance.

Limited partners in the debut fund include such institutional investors as Cendana Capital and Isomer Capital, Lucca and Stella Norton’s family office and partners at Concept Ventures and Credo Ventures.