New Enterprise Associates completed a transaction selling $1.35 billion of interests in about 20 portfolio companies from four of its funds to a new venture capital firm, NewView Capital Management, according to a news release.
The transaction has been funded by secondary investors led by Hamilton Lane and Goldman Sachs Vintage Funds, Goldman Sachs Asset Management’s alternative investment secondary market funds.
NewView Capital is being headed by former NEA general partner Ravi Viswanathan, who is managing partner of NewView Capital.
“There’s a lot of congestion on the road to liquidity. Market dynamics are compelling companies to stay private longer, which creates growing demand for follow-on dollars and stretches investor holding periods to a decade or more,” said Scott Sandell, managing general partner at NEA in the news release.
Executives at Hamilton Lane and Goldman Sachs Asset Management declined to identify the funds invested in the NewView Capital fund.
NEA and NewView executives could not be reached for further information.