NEA spin-out NewView Capital is readying to raise its latest VC secondaries fund focusing on direct venture secondaries, Secondaries Investor understands.
The Burlingame, California-based manager is set to launch NewView Capital Fund IV, which is expected to target $500 million, according to a source familiar with the matter. While the fund has not launched, the firm is eyeing a first close in the fourth quarter of this year, the source added.
In the past two years, NewView launched two venture secondaries funds: NewView Capital Fund III and NewView Capital Special Opportunities Fund III. Both funds are understood to have closed last year. Final close figures have not been disclosed and it is unclear if the targets were met.
Fund IV is understood to not be a direct successor to either fund.
NewView Capital Fund III was in market last year, targeting $400 million, affiliate title Buyouts reported, noting that as of January 2024, NewView Capital Fund III had raised $191 million. Fund III invested in growth-stage opportunities in B2B SaaS, fintech, consumer internet and AI.
Special Opportunities Fund III launched in 2023 and was targeting $300 million, according to Secondaries Investor data. The fund focuses on North American GP-leds.
NewView spun out of Silicon Valley venture giant NEA in 2018 through a $1.35 billion secondaries deal backed by lead investors Goldman Sachs and Hamilton Lane.
The VC secondaries market has been growing over the past few years as LPs in venture funds increasingly ask for liquidity with companies staying private longer. The VC secondaries market as a whole reached roughly $114 billion in 2024 and is expected to hit $122 billion in 2025, according to data from venture secondaries specialist Industry Ventures.
Continuation funds have been the most recent evolution in the VC secondaries market, with Ravi Viswanathan, NewView founder and managing partner, calling it “incredibly healthy”.
“For the first time in the last few years you have VCs starting to think about active portfolio management,” Viswanathan told affiliate title Venture Capital Journal. “Whether it’s a CV or a direct secondary or what have you, it is the GP group at a fund or the leadership of a venture firm saying, ‘We just can’t wait passively until something happens.’ The downturn, a really long IPO [timeline], a much higher bar for IPOs and a pretty dormant M&A market, all of these factors are helping make a more efficient market.”
NewView declined to comment.
– Ryan Hibbison contributed to this report
