📝 NEA raising for secondaries market

Author

Liam Gill
August 30, 2024

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New Enterprise Associates (NEA) has quietly raised over $468 million for its NEA Secondary Opportunity Fund, marking the firm's return to the secondaries market after a five-year hiatus. The fund, which closed on July 3, attracted more than 60 limited partners, including a $20 million commitment from the San Francisco Employees’ Retirement System. NEA had previously exited the secondaries space in 2018 due to regulatory restrictions, spinning off its practice into NewView Capital. With NEA’s recent status as a registered investment advisor, the firm is now positioned to capitalize on the booming secondaries market, which saw over $706 million invested in the first half of 2024 alone. NEA joins other firms like StepStone, G Squared, and Industry Ventures in raising significant capital to tap into this growing asset class.

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