New Enterprise Associates is raising its latest fund with a target of $2.5 billion. If the firm were to hit that goal, the fund would be its fifth with over $2 billion in commitments and would give the dedicated VC firm two of the top 10 largest VC funds ever raised. NEA closed its last fund, its biggest to date, in July 2012 on $2.6 billion in committed capital; that fund had an IRR of 14.6% as of September 30.
Only 12 VC funds have closed on $2.5 billion or more in the past—including NEA's past three—though not all came from traditional VC firms (Mitsui Global, Citigroup and Court Square Capital are some of the exceptions). In late 2007, Technology Crossover Ventures closed its Fund VII on $3 billion, and in 2006, Oak Investment Partners closed its fund XII on $2.56 billion.