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Bloomberg
New Enterprise Associates (NEA), one of the largest venture capital (VC) firms in Silicon Valley, is selling off a chunk of its more mature startup investme-nts to a separate fund run by one of its partners. Goldman Sachs Group Inc, an investor in NEA, bought a stake in the new $1.35 billion fund, which expands the Wall Street firm’s private technology holdings while allowing other NEA investors to cash out.
Ravi Viswanathan said he’s leaving NEA to run newly hatc-hed operation, called NewView Capital. His mandate was to take startups that were sitting on NEA’s books for a decade or longer and haven’t sold out or gone public. NewView Capital will use leftover money to make new investments in large private companies.
An abundance of venture capital has enabled more companies to remain private and independent, leaving investors sitting on piles of stock that’s not easily sold.