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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.

Our LP Perspectives 2026 Study shows most LPs have no plans to cut back on commitments to venture, even though half say their VC holdings are underperforming benchmarks.

Annual enterprise spending on AI has surged from just $1.7bn in 2023 to $37bn in 2025, as companies see 'real revenue and productivity gains at scale,' Menlo Ventures says in its third annual report on generative AI in the enterprise.

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.

Thirteen IPOs by AI expansion-stage companies in the first three quarters represent less than 10% of the total exit count, but nearly 87% of total exit value.

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.