New Enterprise Associates Raises Giant Venture Fund

SAN FRANCISCO — With investing opportunities on its mind, New Enterprise Associates has raised the biggest venture capital fund in the industry — and added a little extra on top.

The firm plans to announce on Wednesday that it has closed its 15th investment fund at $2.8 billion, slightly larger than its last several funds. Moreover, it has raised an additional $350 million for what it is calling its NEA 15 Opportunity Fund, a separate pocket of capital intended to funnel more money into select investments.

It is a sign of confidence by NEA, one of the biggest venture firms in Silicon Valley, that plenty of investment opportunities remain, despite warnings that the technology world has started to overheat.

The new fund was significantly oversubscribed, Peter Barris, the firm’s longtime managing general partner, said in an interview.

“We got a lot of, I’ll call it unsolicited interest that we couldn’t accommodate,” he said. “The asset class of venture capital is in a good place right now.”

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Read the release here.