NEA rakes in $2.5B for new fund

New Enterprise Associates, which remains the largest venture firm in the business, announced that it is closing in on its $2.5 billion target for its new fund, its thirteenth, reports Dow Jones VentureWire. The firm says it will keep the fund open for a bit longer in case others want to contribute. To reach this total, NEA enlisted the help of placement agency Greenhill & Company for $1.2 million. Using placement agents has become a more popular move since the economic downturn. Many firms have been unable to raise new funds at all.

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