New Enterprise Associates closed its two latest venture capital funds at a total of about $6.2 billion, below its target of $6.7 billion.
New Enterprise Associates 18 and NEA 18 Venture Growth Equity closed at $3 billion and $3.2 billion, respectively, a spokeswoman for the firm said in an email.
NEA 18 is dedicated to early stage investing, while NEA 18 VGE is focused on growth-stage opportunities, said a news release Thursday.
The closing figures represented "a little bit more than we had initially set out to raise for the early stage venture fund (NEA 18) and a little bit less for the growth equity fund (NEA 18 VGE), reflecting the way market conditions have changed during our fundraising process," the spokeswoman added.
Both funds will be invested "across a broad range of technology and health-care sectors, including enterprise and consumer technology, digital health and life sciences," the news release said.
Since setting their initial targets in mid-2021, the spokeswoman noted, "an inevitable market correction, rising interest rates and geopolitical instability led us to modestly shift our own expectations regarding deployment of capital into early stage and growth-stage investments during the NEA 18 investing cycle, and we saw a similar shift in LP (limited partner) sentiment in favor of investing in earlier stage vehicles."
Investors in both NEA 18 and NEA 18 VGE include the $173.3 billion Texas Teacher Retirement System, Austin; $62.2 billion Tennessee Consolidated Retirement System, Nashville; $47.3 billion Illinois Municipal Retirement Fund, Oak Brook; $35.6 billion Nebraska Investment Council, Lincoln; and $20.9 billion Orange County Employees Retirement System, Santa Ana, Calif.
Including the latest round of fundraising, New Enterprise Associates had total assets under management of more than $25 billion as of Dec. 31.
