DFX Intelligence
NEW Enterprise Associates 18, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
MatureFundraising status unknownADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
9 additional principals, 12 additional placement agents, 4 additional LP reports and investments, 4 events
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 4 LP reportspublic disclosures
4 public LP reports name this vehicle;
A named LP and its own performance figures are the strongest outside read on a fund.
FactPublic pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)For LPs, fund-of-fundsLimited partners → - +91%reported GAV
Reported gross assets rose from $3.06B to $5.83B between the Form ADV filings of 25 Nov 2024 and 26 Aug 2026.
The fund's assets as the adviser swears them, never its size or dry powder.
Drawing the relationship network…
Amounts, each with its basis
- Vintage
- 2021basis: form d first sale
- Target
- unknownnot announced
- First close
- unknownnever inferred from a Form D
- Final close
- unknownonly from an announcement or an LP disclosure
- Announced size
- unknown
- Form D offering
- $2.9Bwhat may be sold, not what was raised; file 021-420874, sworn by the adviser or filed under this vehicle
- Form D sold
- $2.8Bas of the filing of May 24, 2022, 271 investors
- First sale
- Dec 22, 2021
- Reported GAV
- $5.8Bon the Form ADV filed Aug 26, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 295
- Reported on ADV
- Mar 31, 2022 to Aug 26, 2026
Fundraising evidenceWhat counts as raisingA Form D offering is permission to sell, not a fund in market; an amount sold is never a close; an evergreen offering amended every year is not a raise.
Unknown
latest Form D 2022-05-24, older than 15 months (fr-1)
evidence dated May 24, 2022.
LifecycleMature
vintage 4 to 7 years
age years: 5first sale: Dec 22, 2021vintage year: 2021adv gav as of: Aug 26, 2026vintage basis: Form d first saleform d sold: $2.8Bform d offering: $2.9Bform d latest filed at: May 24, 2022
The fund's own reporting through time
8 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 31, 2022 | Venture Capital Fund | $1.6B | 232 | $80,000 | 2% | yes | |
| Dec 21, 2022 | Venture Capital Fund | $435M | 283 | $80,000 | 2% | yes | |
| Mar 30, 2023 | Venture Capital Fund | $2.9B | 287 | $80,000 | 2% | yes | |
| Nov 8, 2023 | Venture Capital Fund | $2.9B | 287 | $80,000 | 2% | yes | |
| Mar 29, 2024 | Venture Capital Fund | $3.1B | 294 | $80,000 | 2% | yes | |
| Apr 25, 2024 | Venture Capital Fund | $3.1B | 294 | $80,000 | 2% | yes | |
| Nov 25, 2024 | Venture Capital Fund | $3.1B | 294 | $80,000 | 2% | yes | |
| Aug 26, 2026 | Venture Capital Fund | $5.8B | 295 | $80,000 | 2% |
Principals and agents
12 principals on Form D, 6 placement agents
- NEA 18 GP, LLC Executive Officer
- Edward T. Mathers Executive Officer
- Scott D. Sandell Executive Officer
- KakaoPay Securities Corp. placement agent
- Goldman Sachs & Co. LLC placement agent
Show all 6principals, then placement agents
- NEA 18 GP, LLC Executive Officer
- Edward T. Mathers Executive Officer
- Scott D. Sandell Executive Officer
- KakaoPay Securities Corp. placement agent
- Goldman Sachs & Co. LLC placement agent
- Lazard Freres & Co. LLC placement agent
Service providers
12 named on Form ADV Schedule D and Form D
- AuditorPwC · BALTIMORE, Maryland, United StatesForm ADV filed Aug 26, 2026 reports.adviserinfo.sec.gov
- CustodianJPMorgan · NEW YORK, New York, United StatesForm ADV filed Aug 26, 2026 reports.adviserinfo.sec.gov
- CustodianCiti · NEW CASTLE, Delaware, United StatesForm ADV filed Aug 26, 2026 reports.adviserinfo.sec.gov
Limited partners and their reported performanceWhose numbers these areEach row is the LP’s own number: its cash flows and its valuation policy as of its reporting date, not the fund’s. Net IRR is printed only when the LP prints one. The vintage is the LP’s definition (CalPERS: year of its first cash flow; WSIB: year of its initial investment).
4 public LP reports
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Alaska Permanent Fund Corporation apfc.org | 2022 | $9.0M | Not disclosed | Not disclosed | Not disclosed | not meaningful yet | unknown | Dec 31, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2022 | Not disclosed | Not disclosed | Not disclosed | Not disclosed | 40.7% | 2.2x | Dec 31, 2025 |
| California State Teachers' Retirement System calstrs.com | 2022 | $40.0M | $23.4M | $2.6M | $41.0M | 40.5% | 1.9x | Jun 30, 2025 |
Known LPs and allocatorsWhat these amounts and dates areA commitment date prints only when the source printed one; otherwise the row carries the date of the report that listed it. A foundation’s 990-PF line is a holding at fair value on its return, never a commitment.
6 relationships, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| California State Teachers' Retirement System | STATE RETIREMENT SYSTEM | $40.0M committed | reported as of Jun 30, 2025 | Fact Pension disclosure |
| Hawaii Employees' Retirement System | STATE RETIREMENT SYSTEM | $30.0M committed | reported as of Dec 31, 2025 | Fact Pension disclosure |
| Alaska Permanent Fund Corporation | SOVEREIGN LINKED US ALLOCATOR | $9.0M committed | reported as of Dec 31, 2025 | Fact Pension disclosure |
Investments attributed to this vehicle
0
No investment attributed to this vehicle. The firm’s investments sit on the firm; a fund gets one only when a source names the vehicle.
Timeline
9 events
- Dec 31, 2025LACERS reports New Enterprise Associates 18: an undisclosed amount committed, vintage 2022, net IRR 40.7%, 2.16xLP commitment disclosed Fact Pension disclosure
- Dec 31, 2025APFC reports New Enterprise Associates 18 LP: $9,000,000 committed, vintage 2022LP commitment disclosed Fact Pension disclosure
- Jun 30, 2025CalSTRS reports New Enterprise Associates 18: $40,000,000 committed, vintage 2022, net IRR 40.5%, 1.86xLP commitment disclosed Fact Pension disclosure
- Jun 30, 2025CalSTRS reports New Enterprise Associates 18: $40,000,000 committed, vintage 2022, net IRR 40.5%, 1.86xLP commitment disclosed Fact Pension disclosure
- May 24, 2022New Enterprise Associates 18, L.P. filed Form D/A: $2,845,331,500 sold of $2,900,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
47 observations
Every observation on this vehicle
- Entity type: Limited Partnership May 24, 2022 Fact Form D
- Entity type: Limited Partnership Jan 21, 2022 Fact Form D
- Entity type: Limited Partnership Nov 12, 2021 Fact Form D
- Form D fund type: Venture Capital Fund May 24, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Jan 21, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Nov 12, 2021 Fact Form D
- Form D industry group: Pooled Investment Fund May 24, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Jan 21, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Nov 12, 2021 Fact Form D
- Amendment: true May 24, 2022 Fact Form D
- Amendment: true Jan 21, 2022 Fact Form D
- Amendment: false Nov 12, 2021 Fact Form D
- Revenue range (Form D): Not Applicable May 24, 2022 Fact Form D
- Revenue range (Form D): Not Applicable Jan 21, 2022 Fact Form D
- Revenue range (Form D): Not Applicable Nov 12, 2021 Fact Form D
- Incorporated: withinFiveYears May 24, 2022 Fact Form D
- Incorporated: withinFiveYears Jan 21, 2022 Fact Form D
- Incorporated: withinFiveYears Nov 12, 2021 Fact Form D
- Jurisdiction: Delaware May 24, 2022 Fact Form D
- Jurisdiction: Delaware Jan 21, 2022 Fact Form D
- Jurisdiction: Delaware Nov 12, 2021 Fact Form D
- Amount sold (Form D): $2.8B May 24, 2022 Fact Form D
- Amount sold (Form D): $1.7B Jan 21, 2022 Fact Form D
- Amount sold (Form D): $0 Nov 12, 2021 Fact Form D
- Offering amount (Form D): $2.9B May 24, 2022 Fact Form D
- Offering amount (Form D): $2.9B Jan 21, 2022 Fact Form D
- Offering amount (Form D): $2.9B Nov 12, 2021 Fact Form D
- Exemptions: 06b, 3C, 3C.7 May 24, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jan 21, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Nov 12, 2021 Fact Form D
- First sale: 2021-12-22 May 24, 2022 Fact Form D
- First sale: 2021-12-22 Jan 21, 2022 Fact Form D
- Investors (Form D): 271 May 24, 2022 Fact Form D
- Investors (Form D): 128 Jan 21, 2022 Fact Form D
- Investors (Form D): 0 Nov 12, 2021 Fact Form D
- Minimum investment (Form D): 0 May 24, 2022 Fact Form D
- Minimum investment (Form D): 0 Jan 21, 2022 Fact Form D
- Minimum investment (Form D): 0 Nov 12, 2021 Fact Form D
- Securities offered: pooled May 24, 2022 Fact Form D
- Securities offered: pooled Jan 21, 2022 Fact Form D
- Securities offered: pooled Nov 12, 2021 Fact Form D
- Office address: May 24, 2022 Fact Form D
- Office address: Jan 21, 2022 Fact Form D
- Office address: Nov 12, 2021 Fact Form D
- Year of incorporation: 2021 May 24, 2022 Fact Form D
- Year of incorporation: 2021 Jan 21, 2022 Fact Form D
- Year of incorporation: 2021 Nov 12, 2021 Fact Form D
Relationships across DFX
on 3 other DFX graphs · 30 capital paths
Across the graphs
NEW Enterprise Associates 18, L.P. is the same institution as 3 records in Allocators, RIA and Wealth and Family Offices.
Allocators1RIA and Wealth1Family Offices1
DFX found 3 relationships across 3 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Capital chain
NEW Enterprise Associates 18, L.P. sits on 30 traced paths of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 30 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
9 dated events on the change ledger, latest event first
- LP commitment disclosed2025-12-31source on record
- LP commitment disclosed2025-12-31source on record
- LP commitment disclosed2025-06-30source on record
+6 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.