Philly EnterpriseTech Roundup 12/4: Hamilton Lane invests in NEA spinoff; Liberty Media reported wanting to buy iHeart; GSK snags Tesaro

Tom Paine

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Maryland-based New Enterprise Associates (NEA), one of the largest venture capital firms in Silicon Valley, has created a $1.35 billion spinoff fund consisting of its more mature startup investments.

The new fund, NewView Capital, will take startups that have been sitting on NEA’s books for a decade or longer and haven’t sold out or gone public. Investors include fund manager Goldman Sachs, NEA itself and Philly-based investment manager Hamilton Lane. Meanwhile, existing investors can cash out.

Among the holdings included in NewView are 23andMe and a small stake in Uber Technologies. Thirty-one portfolio companies are moving from NEA to NewView.

Wharton grad Ravi Viswanathan is leaving NEA to run the new operation. The valuation process necessary before splitting off the investments was challenging at times, Viswanathan told Bloomberg.

The New York Post reports that Liberty Media is positioning itself to acquire radio giant iHeartMedia when it exits bankruptcy, probably
early next year.

Liberty chairman John Malone wants to combine iHeart with his other music properties, which include satellite-radio giant Sirius XM as well as concert promoter Live Nation and its Ticketmaster service.

Tesaro shares soared 60% following a $5.1 billion takeover bid From GlaxoSmithKline . Tesaro’s drug Zejula belongs to a class of cancer drugs called PARP inhibitors, that work by blocking an enzyme that cancer cells use to repair damage in their DNA.

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