NEA considering large portfolio secondary sale, reports says

New Enterprise Associates is reportedly moving to sell a large piece of its portfolio in an effort to return capital to its limited partners, according to a news report in The Wall Street Journal.

The present slowdown in IPOs is leading the firm toward the sale, which the WSJ reported could be valued at about $1 billion and include stakes in about 20 companies. The companies have raised capital from NEA over approximately the past eight to 10 years.

The sale is to be made to a new firm NEA will create and which will be run by General Partner Ravi Viswanathan, who would leave NEA, the report said. The new firm would manage the investments.

The secondary sale would be among the largest by a venture firm.