New Enterprise Associates has raised $3.3 billion in commitments for its 16th fund, which the firm has already begun investing. The pool is the firm’s fifth fund of $2 billion or more and it is also the largest ever vehicle raised by the venture fund. Two years ago, NEA raised $2.8 billion for Fund 15 along with a $350 million opportunity fund.

Managing Fund 16 is Scott Sandell, the firm’s sole managing general partner, as well as General Partners Forest Baskett, Tony Florence, Mohamad Makhzoumi, Josh Makower, Dave Mott, Chetan Puttagunta, Jon Sakoda, Pete Sonsini and Ravi Viswanathan.

Pete Barris is now chairman of the new fund while remaining a general partner. Co-founder Dick Kramlich, who is separately raising $130 million for Green Bay Ventures, is now chairman emeritus at NEA.