Uber backers NEA, Menlo Ventures raise large venture funds

By Sarah McBride SAN FRANCISCO (Reuters) - New Enterprise Associates has raised $2.8 billion for its 15th fund while Menlo Ventures has raised $400 million for its 12th, the venture-capital firms announced Wednesday. The raises show continued investor appetite for big-name venture funds even amid the slowing market for initial public offerings, the preferred exit for venture investments. NEA’s separate late-stage vehicle, the Opportunity Fund, will co-invest in the large growth funding rounds that are increasingly common as deep-pocketed mutual funds, hedge funds and others back later-stage private companies. “Some of the financing rounds are big enough that you have to be able to speak for a $100 million check or a $50 million,” said Scott Sandell, who has been promoted to managing general partner at NEA as part of the launch of the new funds.



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