Firms & Funds

Nebraska considers bet on NEA’s largest fund to date

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Nebraska Investment Council, pensions, private equity, New Enterprise Associates, venture capital
A truck driver unloads his cargo of corn into a chute at an elevator plant in Lincoln, Nebraska, May 5, 2008. REUTERS/Carlos Barria (UNITED STATES) - RTR20855
  • AUM: $25.6 bln
  • PE target: 5 pct
  • PE allocation: 5.3 pct
  • Whom to contact: Michael Walden-Newman, CIO (nic.info@nebraska.gov)
  • Why is this important: Nebraska has invested with New Enterprise’s flagship funds twice before

Public pensions usually don’t get access to top performing venture capital funds. But Nebraska doesn’t have that problem.

Nebraska Investment Council said at its March meeting that it was considering investing in New Enterprise Associates’ flagship fund.

The council, which manages $27 billion in assets across 32 investment programs, has a current relationship with NEA.

In a letter to members of the investment council, State Investment Officer Michael Walden-Newman said the board is in the “final stages of due diligence” for the commitment to NEA Fund XVII. It would be its third investment with NEA.

The council pledged $20 million in commitments to NEA XIII in 2009 and XIV in 2012.

NEA Fund XVII, which focuses on healthcare and tech, is targeting $3.6 billion, an SEC filing shows. Fund XVII would be NEA’s largest fund to date.

Nebraska’s PE portfolio has a target allocation of 5 percent, Buyouts has reported.

NIC also committed $40 million to Rockwood Capital Partners’ 11th fund, which invests in real estate in the U.S.