Dyal, Wafra Set to Buy Minority Stake in Venture Firm NEA - Bloomberg
An investor group led by Neuberger Berman’s Dyal Capital Partners and Kuwait-backed Wafra Inc. is in talks to buy a minority stake in New Enterprise Associates, one of the world’s largest venture capital firms, according to people with knowledge of the matter.
A deal is slated to be completed by year-end, said the people, who asked not to be identified because the talks are private. The stake represents about 15% of NEA, one of the people said. The Silicon Valley firm had been in talks with several potential investors, Bloomberg reported last month.
Spokespeople for NEA and Dyal declined to comment, and a Wafra representative had no immediate comment.
The transaction would echo a move by General Catalyst, which sold a minority stake to Goldman Sachs Group Inc.’s Petershill unit in 2018. Venture firms, like private equity firms, have long been expected to pursue stake sales to raise capital that can be used to reinvest in new vehicles, expand into new strategies or simply give partners a way to partially cash out.
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