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Ex-NEA GP Viswanathan raising $1.35 bln related to secondary deal

  • Ex-NEA GP Viswanathan raising $1.35 bln VC fund
  • NEA had tapped GP for unusual secondary
  • Filing does not show a first close

New Enterprise Associates this spring appointed former General Partner Ravi Viswanathan to the job of selling about $1 billion of its portfolio holdings in an unusual secondary transaction.

This week, Viswanathan filed a regulatory document to raise a $1.35 billion venture capital fund, NewView Capital Fund I. The filing suggests the portfolio transaction is on course and may have grown larger than initially anticipated.

The firm’s plans were reported by the Wall Street Journal in May and called for transferring stakes in about 20 startups to a new firm, allowing NEA LPs to reap about $1 billion in liquidity for their investments.

Included were NEA portfolio positions said to be eight to 10 years old, including, reportedly, 23andMe, Buyouts reported in October.

Buyouts in October reported the process was nearing a close and could raise as much as $1.4 billion, with Goldman Sachs leading the deal and Hamilton Lane part of the investor syndicate.

Pricing for the stakes was said to be strong, at a low 90 percent of net asset value, Buyouts reported at the time.

The new firm is to operate independently of NEA under Viswanathan’s leadership.

Reached via email, Viswanathan declined comment. NEA did not immediately respond to emails seeking comment.

This week’s filing did not report a first close, but it noted that the new firm will be located in Burlingame, California, about half an hour south of San Francisco.