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Global venture capital firm New Enterprise Associates, Inc. (NEA) has a new venture partner.

Jeff Immelt who retired from his role as chairman and CEO of GE after 16 years will work with technology and healthcare companies at NEA.

Immelt joined GE in 1982, serving as President of GE Healthcare before assuming the role of GE CEO in 2001. Immelt earned his M.B.A. at Harvard Business School and holds an A.B in Applied Mathematics and Economics from Dartmouth College. Under Immelt’s tenure GE paid investors a whopping $143 billion in dividends and built GE Healthcare from a $3 billion business to a nearly $20 billion company with imaging, life sciences, and devices.

The force behind the BHI – GE Oil and Gas merger

Immelt lands in VC world

Former GE Chairman and CEO Jeff Immelt (left) with successor CEO John Flannery at a GE employee broadcast announcing Immelt’s retirement last summer.

Immelt, who was named one of the “World’s Best CEOs” three times by Barron’s, is regarded as the main force behind GE’s acquisition of Baker Hughes when GE combined its GE Oil & Gas with Baker Hughes last year to form Baker Hughes a GE Company (NYSE: BHGE).

Immelt left GE shortly after the deal closed and the post-Immelt fate of Baker Hughes as part of GE has been in question under his successor new GE CEO John Flannery.

NEA said it has launched more than 210 portfolio company IPOs and more than 360 acquisitions.

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