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NEA spin-out NewView holds first close for Fund II

The California-based direct secondaries specialist spun out of NEA in 2018 with help from Goldman Sachs Asset Management and Hamilton Lane.

NewView Capital, formed in 2018 through a $1.35 billion direct secondaries deal, has held an interim close on its first independently raised fund.

NewView Capital Fund II has raised $219.4 million, according to a filing with the Securities and Exchange Commission. Secondaries Investor reported in September that the fund was targeting $350 million.

Lazard is placement agent on the fundraise, according to the filing.

Burlingame, California-headquartered NewView spun out of New Enterprise Associates in 2018 via a deal backed by Goldman Sachs Asset ManagementHamilton Lane and at least 18 other investors. The consortium acquired a portfolio of 31 direct stakes from four NEA funds, including in ride-hailing app Uber, and used the portfolio to seed NewView Capital Fund I.

The firm is managed by former NEA general partner Ravi Viswanathan.

NewView targets VC-backed companies that could be a success with more time or capital, Secondaries Investor noted in December 2018.

According to SEC documents, the firm particularly targets companies that want to create liquidity at the end of their fund terms, have “orphaned” portfolio investments due to the sponsor departing the firm, or which need to reduce their number of board seats in order to focus on new investments.

It is not clear whether Fund II is being raised to target a specific portfolio or will invest in a number of deals involving different managers.

NewView is also in market with NewView Capital Special Opportunities Fund I targeting $300 million, according to PEI data. The specific strategy of this fund is not clear.

NewView had not replied to a request for comment by the time of publication.