Venture capital giant NEA spinout Tenacity raises $60m in three months - AltAssets Private Equity News

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Former  New Enterprise Associates venture partner Ben Narasin has closed its new venture on $60m in three months.

Tenacity Venture Capital beat its initial target of $50m, with new capital added despite its final close on May 5.

The fund will invest $1m to $3m into pre-series A rounds in technology startups primarily in North America and the UK with a focus on helping coordinate series A rounds.

Narasin said, “I know over 300 VCs at the top 15 firms, and have 36 VCs as LPs, so getting founders to the right people at the right time for their A is my primary focus.”

Narasin joined New Enterprise Associates in 2017 as partner after a one year and 10 month stint at Canvas Ventures.

He has more than 30 years experience of building businesses and investing in early stage start ups.

Venture capital giant New Enterprise Associates hauled in more than $5bn across its latest pair of hefty fundraises two months ago.

The firm has picked up capital close to its $2.9bn target for a new early-stage investment fund and registered $2.3bn for its latest flagship growth equity fundraise, NEA 18 Venture Growth Equity , which is out seeking up to $3.7bn, according to filings its submitted to the US SEC.

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