New Enterprise Associates is preparing to raise the largest venture capital fund in history, Fortune has learned.
The 37 year-old firm has told investors to expect formal documents by year-end for its fifteenth fund, which is expected to target approximately $2.8 billion. That’s nearly a 10% increase from the $2.6 billion NEA raised for Fund 14 in the summer of 2012, which itself was the industry’s record-holder (just edging out a $2.56 billion fund raised in 2006 by Oak Investment Partners). It also told prospective investors that longtime partner Scott Sandell will be promoted to co-managing partner, alongside Peter Barris.