TrueBridge closes first fund of funds on $310m

The year-old firm, in partnership with the Kauffman Fellows Program and the Center for Venture Education, has surpassed its original target of $250m.

North Carolina-based TrueBridge Capital Partners has closed its inaugural fund on $310 million (€209 million), beating its original target of $250 million.

The fund was raised in partnership with the Center for Venture Education (CVE), a post-graduate educational institution.

Launched in February, the CVE-Kauffman Fellows Endowment Fund will target well-established and high-performing venture capital and growth equity managers. Returns from the fund will help build the long-term endowment for the Kauffman Fellows Program, a CVE-sponsored apprenticeship which places participants in full-time positions at major venture capital firms for a two-year period.

The Silicon Valley-based Kauffman programme has nearly 400 alumni in 140 firms.

Founded last year, TrueBridge is led by former University of North Carolina Management Company vice president Mel Williams and former Rockefeller Foundation managing director Edwin Poston.