TrueBridge Capital Partners has closed its second venture capital and growth equity fund-of-funds, TrueBridge-Kauffman Fellows Endowment Fund II, L.P., with $342 million. TrueBridge, based in Chapel Hill, N.C., is partnered with the Kauffman Fellows Program, an educational non-profit organization. TrueBridge’s first fund, CVE Kauffman Fellows Endowment Fund I, closed in August 2008 with more than $310 million.
TrueBridge Capital Partners, a boutique alternative asset investment firm, today announced that its second venture capital and growth equity fund-of-funds, TrueBridge-Kauffman Fellows Endowment Fund II, L.P. (“Fund II”), closed at $342 million, exceeding both its initial target and the size of its first fund. TrueBridge currently manages over $700 million in assets across its funds-of-funds.
Fund II received commitments from limited partners, which include foundations and endowments, private and public pension funds, asset management firms, and high net-worth individuals. TrueBridge is strategically partnered with the Kauffman Fellows Program, an educational non-profit organization with an 18-year history of identifying and educating the future leaders of the venture capital industry. As a result of its long-standing partnership with the program, to date TrueBridge has received commitments for its funds from more than 100 individual Kauffman Fellows who are active venture capitalists. The majority of Fund II’s capital was raised from investors in the United States, with additional participation from limited partners in Asia, Australasia, and Europe. In addition to existing limited partner engagement in the second fund, TrueBridge added several new investors to its roster for Fund II.
TrueBridge’s first fund, CVE Kauffman Fellows Endowment Fund I, closed in August 2008 with more than $310 million. It was oversubscribed by $60 million and closed in seven months.
Edwin Poston, General Partner and Co-Founder of TrueBridge, stated, “We are grateful for the continued support of our limited partners and the opportunity to make compelling investments in the top venture capital and growth equity firms in the industry.”
“Mel and Edwin have built a remarkable team and executed their strategy brilliantly,” said Phil Wickham, President and CEO of the Center for Venture Education. “The over-subscription of this, their second fund, during such trying times in the private equity markets is a strong show of confidence from their investors in both the firm and the venture capital asset class as a whole.”
About TrueBridge Capital Partners
TrueBridge is a niche venture capital and growth equity investment firm and registered investment advisor managing over $700 million in assets. The firm has an exclusive strategic partnership with the Kauffman Fellows Program, to which TrueBridge gives half of its carried interest in order to build a long-term endowment for the program. In exchange, TrueBridge receives unique insight and access advantages into the venture capital industry. TrueBridge invests primarily in managers focused on early stage information technology companies in the United States, with some exposure to India and China. TrueBridge was established in 2007 by co-founders Edwin Poston and Mel Williams, and is headquartered in Chapel Hill, North Carolina. For more information please visit: www.truebridgecapital.com .
About the Kauffman Fellows Program
The Kauffman Fellows Program, housed by the Center for Venture Education, is the single organization of its kind dedicated to educating, training, and networking future venture capitalists. The program consists of a two-year apprenticeship in which a select group of Kauffman Fellows are matched with General Partners who serve as mentors for the duration of the fellowship. Kauffman Fellows also receive additional training via “learning modules” from leaders of the industry, including current venture capitalists and professors from Harvard Business School and The University of Chicago Booth School of Business. To date, there are 290 Kauffman Fellows currently in or having graduated from the program. The majority serve as general partners at venture capital firms, working in over 40 countries and 250 investment firms globally. For more information please visit: www.kauffmanfellows.org.