New Enterprise Associates has closed a deal to sell $1.3 billion of interests in about 20 portfolio companies to a new fund managed by a new venture capital firm headed by two former NEA executives, multiple sources with knowledge of the transaction have said.
The transaction has been funded by secondary investors at a price of about 90% of net asset value. NEA is expected to retain an investment in the new vehicle. Ravi Viswanathan, one of the new firm's leaders and a former NEA general partner, last week filed a regulatory document for a fund to raise $1.35 billion.
