New Enterprise Associates (NEA) is reemerging in the secondaries market with their recent fundraise of over $468 million for NEA Secondary Opportunity Fund.
The fund closed on July 3 and attracted investments from more than 60 limited partners, including the San Francisco Employees’ Retirement System. NEA’s reentry into the secondaries market comes after spinning out its secondaries practice in 2018. However, as of 2023, NEA is now a registered investment advisor and can once again pursue opportunities in the secondary market with an in-house fund.
With over $706 million already invested in direct secondaries deals in the first half of 2024, the market is showing significant growth potential. Investors are utilizing various strategies, including traditional direct purchases and the formation of special purpose vehicles (SPVs), to access secondary deals in promising companies.
NEA is not alone in capitalizing on the growing secondary market. Other firms, such as StepStone, G Squared, and Industry Ventures, have recently raised billion-dollar funds dedicated to secondary share acquisitions.
