Key Takeaways
- • TrueBridge Capital Partners closed its fourth venture capital fund-of-funds, TrueBridge-Kauffman Fellows Endowment Fund IV, L.P., at $400 million in limited partner commitments, exceeding its $325 million target and reaching its hard cap.
- • The close lifts TrueBridge's total assets under management to over $1.6 billion, following Fund III's $400 million close in 2014.
- • Fund IV will primarily back high-performing, access-constrained venture funds focused on early-stage IT companies in northern California, supplemented by seed fund commitments and direct mid- to late-stage technology investments.
- • The LP base spans foundations, endowments, corporate and public pension funds, family offices, and high-net-worth individuals, plus more than 150 venture capitalists and entrepreneurs who have invested personally.
Summary
TrueBridge Capital Partners, a Chapel Hill, North Carolina-based venture capital investment firm and registered investment advisor, announced on January 13, 2016 the final close of TrueBridge-Kauffman Fellows Endowment Fund IV, L.P. ("Fund IV"). According to the firm's press release, Fund IV received $400 million in limited partner commitments, above its $325 million target, and reached its hard cap. The result continues a pattern of oversubscribed fundraising: the firm's first fund in 2008 closed at more than $310 million, its second in 2011 at more than $342 million, and its third in 2014 at $400 million. With Fund IV, TrueBridge reports managing over $1.6 billion in institutional assets.
Fund IV will follow the strategy the firm set at its inception, primarily investing in high-performing and access-constrained venture funds focused on early-stage IT companies in northern California. The fund will also gain exposure to TrueBridge's commitments to leading seed funds and its direct investments in select, primarily mid- to late-stage technology companies. The firm is known as the data partner behind Forbes' Midas List and Next Billion Dollar Startups List.
TrueBridge co-founder and general partner Mel Williams said the firm was "humbled" by limited partner confidence and aims to make a meaningful impact on portfolios by navigating the evolving technology landscape. Chris Sacca, founder and general partner of seed firm Lowercase Capital, praised the firm as a loyal source of capital and longtime advisory board member, and said Lowercase would give TrueBridge first look at its new projects. Jonathan Brelsford, vice president of Finance & Investments at The Pittsburgh Foundation, said the foundation has invested since Fund II and cited the firm's data-driven investment process and its combination of constrained-fund access, emerging seed managers and direct investments.
The firm's limited partners include foundations and endowments, corporate and public pension funds, family offices and high-net-worth individuals. In addition, more than 150 venture capitalists and entrepreneurs, many affiliated with the Center for Venture Education, a strategic partner of the firm, have personally invested in TrueBridge funds. TrueBridge was established in 2007 by co-founders Edwin Poston and Mel Williams.
Fund IV will follow the strategy the firm set at its inception, primarily investing in high-performing and access-constrained venture funds focused on early-stage IT companies in northern California. The fund will also gain exposure to TrueBridge's commitments to leading seed funds and its direct investments in select, primarily mid- to late-stage technology companies. The firm is known as the data partner behind Forbes' Midas List and Next Billion Dollar Startups List.
TrueBridge co-founder and general partner Mel Williams said the firm was "humbled" by limited partner confidence and aims to make a meaningful impact on portfolios by navigating the evolving technology landscape. Chris Sacca, founder and general partner of seed firm Lowercase Capital, praised the firm as a loyal source of capital and longtime advisory board member, and said Lowercase would give TrueBridge first look at its new projects. Jonathan Brelsford, vice president of Finance & Investments at The Pittsburgh Foundation, said the foundation has invested since Fund II and cited the firm's data-driven investment process and its combination of constrained-fund access, emerging seed managers and direct investments.
The firm's limited partners include foundations and endowments, corporate and public pension funds, family offices and high-net-worth individuals. In addition, more than 150 venture capitalists and entrepreneurs, many affiliated with the Center for Venture Education, a strategic partner of the firm, have personally invested in TrueBridge funds. TrueBridge was established in 2007 by co-founders Edwin Poston and Mel Williams.
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