New Enterprise Associates is reportedly moving to sell a large piece of its portfolio in an effort to return capital to its limited partners, according to a news report in The Wall Street Journal.

The present slowdown in IPOs is leading the firm toward the sale, which the WSJ reported could be valued at about $1 billion and include stakes in about 20 companies. The companies have raised capital from NEA over approximately the past eight to 10 years.

The sale is to be made to a new firm NEA will create and which will be run by General Partners Ravi Viswanathan, who would leave NEA, the report said. The new firm would manage the investments.

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