The venture group New Enterprise Associates has raised $3.1 billion for two new funds. If history is any guide, a major part of that money will be earmarked for global biotech investments ranging from seed to clinical-stage ventures.

The new money arrives as a whole generation of venture groups has been refueling in preparation for another 3- to 4-year round of investing, a trend that is pumping billions of dollars into biopharma startups.