Tons of top-level personnel moves in the LP arena this week.
The most notable is that Mel Williams of UNC and Edwin Poston of the Rockefeller Foundation have teamed up to form a new shop called TrueBridge Capital. The Chapel Hill-based shop already has begun marketing a VC fund-of-funds with a target of around $250 million, with other targeted funds-of-funds expected to follow. The firm is the brainchild of the Kauffman Fellows Program, which retained executive search firm Sextant Partners to attract talent. Kauffman is expected to use part of Trubridge’s GP carry to help build up its endowment, which then would be used to help expand both overseas and into the LP arena. . I’ll have more on this in Monday’s print edition of PE Week.
Other big LP moves include Tim Recker leaving the Michigan State Retirement System for the University of California Regents (he starts next week), and Trey Thompson leaving UTIMCO to work with old boss Bob Boldt at Perella Weinberg Partners (as first reported by Private Equity Insider).
In semi-related news, John Koren has left Bear Stearns, where he was a managing director in charge of private equity fund placements. His new address is Hudson Partners. Also, Don Nelson, a former in-house fundraiser/IR pro at venture firm SV Life Sciences has left to launch a new placement shop called NelCap Advisers.