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New Enterprise Associates ( NEA ) is getting back into the secondary winding game .
The Silicon Valley - based VC enkindle more than $ 468 million for NEA Secondary Opportunity Fund , according to anSEC filing . The fundraise closed on July 3 , according to a source conversant with the subject , but has n’t received much aid . The investment trust prove capital from more than 60 limited cooperator , including the San Francisco Employees ’ Retirement System , which committed $ 20 million to the store , according tomeeting documents .
NEA did not respond to a request for comment .
This is not NEA ’s first foray into the secondaries market place , an plus course of instruction that require buying existing stakes in a ship’s company or another store . The firm used to be a secondaries player beforespinning out its secondary winding practice in 2018because it was n’t a register investment adviser , think no more than 20 % of its plus could be concord on the secondary market place . That spinout became NewView Capital , which is still helmed by Ravi Viswanathan , an NEA investor for most 15 age before launching NewView .
NEA became a registered investment consultant in 2023 , a reference conversant with the matter told TechCrunch , and thus NEA could reenter the secondary coil market with an in - planetary house investment firm .
It ’s a salutary time to have majuscule to seat in the secondary market place . Recent datafrom petty datum tracking chopine Caplight disc more than $ 706 million being invested into unmediated secondary deals — or dealings involve a company interest — in the first half of 2024 . That puts this year on track to surpass last yr ’s $ 1.1 billion trading mass totality .
Part of those deals are happening the traditional way of life , with investor buying old owner ’ shares with the consent of the company . Other investor are raisingspecial purpose vehicle ( SPVs ) , or vehicles raised to back a specific plus , to gather access to secondaries deals of hot companies . In rarer cases , some investor are evenbuying into other firm ’ SPVsto get a piece of the action mechanism .
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NEA is not the only house kick upstairs a fund dedicated to the purchasing of lowly portion justly now . A few months ago , StepStone bring up $ 3.3 billion for thelargest dedicated venture secondaries fund of all clip . in the first place this week , G Squared raised $ 1.1 billion for a tardy - stage stock with plans to put themajority of the capitaltoward secondary transactions . Last fall , Industry Venturesraised $ 1.45 billionfor the strategy .
