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New Enterprise Associates raises $2.6B VC fund

TechCrunch reckons that NEA's 14th fund may be the largest in venture capital history.

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Steven Musil
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Steven Musil Night Editor / News
Steven Musil is the night news editor at CNET News. He's been hooked on tech since learning BASIC in the late '70s. When not cleaning up after his daughter and son, Steven can be found pedaling around the San Francisco Bay Area. Before joining CNET in 2000, Steven spent 10 years at various Bay Area newspapers.
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New Enterprise Associates, one of the world's largest venture capital firms, has raised $2.6 billion for NEA 14, its 14th venture capital fund, TechCrunch reported this evening.

TechCrunch figures the new fund may be the largest in venture capital history, beating out a $2.56 billion fund that Oak Investment Partners raised in 2006.

The new fund will have a pretty broad deployment target, New Enterprise Associates partner Tony Florence told TechCrunch.

"From a sector perspective we will continue to be very enterprise-focused, but also very, very active in the consumer Internet space, where there are certainly some newer areas of excitement," he said.

NEA recently helped lead a Series A venture capital financing round for AVOS Systems, the Internet venture started by YouTube co-founders Chad Hurley and Steve Chen. The VC is also backing the Experiment Fund, an early stage seed fund at Harvard's School of Engineering and Applied Sciences.