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Exclusive: NEA closing in on largest VC fund of all time

March 24, 2015, 8:01 PM UTC

Venture capital firm New Enterprise Associates has secured approximately $2.57 billion in capital commitments for its fifteenth fund, Fortune has learned.

A final close has not yet occurred, as the firm keeps working toward a $2.75 billion hard cap that would make it the largest VC fund of all time.

NEA has been marketing Fund XV since late last year, as a successor to a $2.6 billion fourteenth fund that closed in the summer of 2012. As we previously reported, the only top-line change this time around is that longtime partner Scott Sandell has been promoted to co-managing partner, alongside Peter Barris.

The veteran firm is expected to continue serving as a generalist investor, providing both early-stage and growth-stage capital for private companies in the tech and healthcare sectors. It has nine offices, including two in China and two in India.

Current NEA portfolio companies include 23andMe, Buzzfeed, Evernote, Intarcia Therapeutics, Jet, MongoDB and Uber.

A firm spokesman declined to comment.

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