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US$2.5b fund edges closer to completion
By Tim Mullaney |
January 17, 2009, Saturday
|
Print Edition
Print Edition
NEW Enterprise Associates, the venture-capital firm that invested in Juniper Networks Inc and Salesforce.com Inc, has almost completed raising a US$2.5-billion fund, according to insiders.
The fund will close shortly after the California Public Employee Retirement System formally makes a commitment to invest, they said. The firm said in a regulatory filing on December 18 that it might raise as much as US$3 billion, Bloomberg News said.
The fund, which at US$2.5 billion would be tied for the fifth-biggest in the venture-capital industry's history, suggests that the largest firms can still raise money in the midst of recession.
Investments will fall 10 percent or more next year, as venture firms demand lower prices for fledgling companies, the National Venture Capital Association said last month.
"The big firms can do what they want, because everyone knows this fund may be your one chance to get in," said Lise Buyer, a former venture capitalist who consults for companies preparing to go public. New Enterprise usually only takes money from pension funds and foundations it has dealt with before, she said.
The fund will reflect the firm's emphasis on the health-care industry, the insiders said. New Enterprise, based in Menlo Park, California, and Chevy Chase, Maryland, hired four new partners last year. Three focus on health care, including former MedImmune Inc Chief Executive Officer David Mott, according to New Enterprise Associates' Website.
The fund will be the 13th raised by New Enterprise Associates since 1978.
The fund will close shortly after the California Public Employee Retirement System formally makes a commitment to invest, they said. The firm said in a regulatory filing on December 18 that it might raise as much as US$3 billion, Bloomberg News said.
The fund, which at US$2.5 billion would be tied for the fifth-biggest in the venture-capital industry's history, suggests that the largest firms can still raise money in the midst of recession.
Investments will fall 10 percent or more next year, as venture firms demand lower prices for fledgling companies, the National Venture Capital Association said last month.
"The big firms can do what they want, because everyone knows this fund may be your one chance to get in," said Lise Buyer, a former venture capitalist who consults for companies preparing to go public. New Enterprise usually only takes money from pension funds and foundations it has dealt with before, she said.
The fund will reflect the firm's emphasis on the health-care industry, the insiders said. New Enterprise, based in Menlo Park, California, and Chevy Chase, Maryland, hired four new partners last year. Three focus on health care, including former MedImmune Inc Chief Executive Officer David Mott, according to New Enterprise Associates' Website.
The fund will be the 13th raised by New Enterprise Associates since 1978.
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