True Ventures Raising Second Fund

Greetings from Palo Alto, where I finally arrived after a day of torturous travel. Since I’m out here, it only makes sense that I impart a local scoop before passing out:

True Ventures is in the midst of raising its second fund, and recently held a first close on approximately $165 million. That matches the entire amount it raised the last time out, and the firm expects to hold a final close south of $200 million within the next couple of months.

A source familiar with the situation says that the fund is oversubscribed, and that the slight size increase will not result in larger checks or latter-round deals. Instead, it will simply have a bit more runway for follow-on investing — a particularly important runway for True, which holds onto its companies like Joba hangs onto unexplained grudges (ok, that’s admittedly more of an East Coast than West Coast reference).

True declined to discuss fundraising, apparently choosing its trained attorney’s interpretation of SEC regs over mine. Don’t worry guys, I won’t throw at your head…