Stories of Technology, Innovation, & Entrepreneurship in the Southeast

Knoxville Business News Tennessee Mountain Scenery Background
February 09, 2023 | Tom Ballard

New Enterprise Associates closes two funds at $62.2 billion

Tennessee Consolidated Retirement System is cited as one of the major investors in NEA.

New Enterprise Associates, which claims the $62.2 billion Tennessee Consolidated Retirement System as one of its major investors, has closed its two latest venture capital funds at a total of about $6.2 billion.

New Enterprise Associates (NEA) 18 and NEA 18 Venture Growth Equity closed at $3 billion and $3.2 billion, below their combined target of $6.7 billion, according to this article in Pensions & Investments.

NEA 18 is dedicated to early stage investing, while NEA 18 VGE is focused on growth stage opportunities. According to the firm’s news release, both funds will invest across a broad range of technology and healthcare sectors, including enterprise and consumer technology, digital health and life sciences. Consistent with the firm’s strategy over many funds, investing activities will span the entire lifecycle of company building, from incubation and seed stage investments to fueling the growth of market leaders.

NEA describes itself as a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. Founded in 1977, the firm had more than $25 billion in assets under management as of December 31, 2022.

Don’t Miss Out on the Southeast’s Latest Entrepreneurial, Business, & Tech News!

Sign-up to get the Teknovation Newsletter in your inbox each morning!

  • This field is for validation purposes and should be left unchanged.

No, thanks!