NEA 14 LP is on the way
New Enterprise Associates had such a banner year in 2011 that the company decided to file a new offering with the Securities and Exchange Commission (SEC). The company was the big winner in last year’s IPO markets due to a 15 percent ownership Fusion-io Incorporated and its 14 percent stake in Groupon, incorporated.
The original $4.8 million investment into Groupon is currently valued between $1.5 billion and $2 billion depending on Groupon’s share price. The Chevy Chase, Md.-based venture capital firm closed its thirteenth fund in early 2010 after raising nearly $2.5 billion. At that time, NEA said that it represented an estimated 17 percent of all U.S. venture capital funds raised in 2009 and was the largest single fund raised since 2007.
The new fund, New Enterprise Associates 14 LP, disclosed its intent in today’s (March 26th, 2012) filing. According to the filing, the company with offices in Menlo Park, California and Chevy Chase, Maryland lists the Cayman Islands as the Jurisdiction of Incorporation with the Principal Place of Business located in Timonium, Maryland.
Many of the players remain the same and will serve as Directors. These include but are not inclusive of James Barrett, Peter Barris, Forest Baskett, Ryan Durant, Ravi Viswanathan and Harry Weller to name just a few. This will be a pooled investment venture fund claiming Federal exemptions and exclusions under Rule 506.
Rule 506 of Regulation D is considered a “safe harbor” for the private offering exemption portion of the Securities Act. Companies using the Rule 506 exemption can raise an unlimited amount of money.