TrueBridge Capital Partners has held a final close on $342 million for its second fund of funds, surpassing its $325 million target.
The North Carolina-based firm launched TrueBridge-Kauffman Fellows Endowment Fund II in February 2010 with the intent of being in market for roughly 15 months, but was able to extend the fundraising period an additional seven months due to a number of LPs that wanted to commit to the fund in the later months of 2011, a spokesperson for TrueBridge told Private Equity International.
TrueBridge’s second fund of funds has invested nearly half of Fund II with nine managers, targeting primarily US-based venture capital and growth equity, with a specific focus on investments in information technology in California. The fund also has exposure to India and China.
The firm attracted re-up investments from the majority of LPs in TrueBridge’s debut fund of funds, which collected $310 million in 2008 and had a similar strategy to Fund II. Approximately 90 percent of LPs in Fund II are US-based investors, most of which are pension plans, foundations and endowments.
TrueBridge has backed funds managed by Accel Partners, Andreesen Horowitz, Bain Capital Ventures, Klenier Perkins Caufield & Byers and Redpoint Ventures.
TrueBridge did not use a placement agent for fundraising in the US, but did hire an agent for European limited partners.
TrueBridge commits a portion of both its management fees and carried interest to the Kauffman Fellows programme, a two-year training programme that places individuals in venture capital firms. The firm’s association with former Kauffman Fellows helps in both the fundraising and due diligence processes, TrueBridge general partner Edwin Poston said in a statement.
TrueBridge was founded in 2007 and manages over $700 million in assets across its two funds of funds.