By 23 October, 2009

US-based venture capital fund New Enterprise Associates (NEA) is close to achieving its target of $2.5 billion for its fund XIII. NEA has said in a SEC filing that it has managed to get commitments of $2.45 billion from 189 investors, according to a report in peHUB.

The new fund comes at a time when NEA has expanded its team and stepped up its focus on India. The firm, which also has offices in China, invests from the global fund in the country.

NEA raised its XIIth fund at $2.5 billion in 2006. The general partners of the firm will put in $24.8 million to fund XIII.

NEA has completed two investments in India this year. Its most recent investment was Rs 75 crore in reverse logistics firm RT Outsourcing. Earlier this year, it also invested $6 million in mobile value added services firm Valuefirst Messaging. NEA was also reported to be investing $60 million along with Jacob Ballas in Chennai's Financial Software & Systems (FSS), the largest domestic payment technology firm.

NEA has invested in over half a dozen companies in India which include Sasken, Novatium and ISGN Technologies. It also has a presence through its affiliate fund called NEA-IndoUS Ventures, which is a $189-million venture capital fund.

Last year, NEA hired Bala Deshpande, who was a senior director of the private equity team at ICICI Venture. An email sent to NEA enquiring about the fund close remained unanswered at the time of posting this story.

NEA globally manages assets exceeding $8.5 billion and has its India office in Bangalore. Its India advisory team comprises of Ben Mathias (Vice President), Jerry Rao and Amit Sharma (both Venture Advisors).

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