Boutique alternative asset investment firm TrueBridge Capital Partners has closed its third venture capital and growth equity fund-of-funds, TrueBridge Fund III.
The fund received USD400 million in limited partner commitments, exceeding a USD325 million target and reaching its hard cap.
TrueBridge manages over USD1.2 billion in assets.
With its third fund, TrueBridge will continue to invest primarily in high-performing and difficult-to-access venture funds focused on early stage IT companies in the US, as well as directly in select companies alongside its underlying managers.
"We are grateful for the continued support of our limited partners, who allow us to do what we love to do each day," says TrueBridge co-founder and general partner, Edwin Poston. "TrueBridge is proud to partner with those venture managers who consistently identify breakout technology companies in order to create superior returns."
Josh Kopelman, co-founder and general partner of seed stage venture firm First Round Capital, says: "At First Round we recognise when an investor is committed to a long-term partnership with us. TrueBridge is certainly one of those investors, as evidenced by their rigorous due diligence process and desire to be a helpful and value-add limited partner."
TrueBridge's limited partners include foundations and endowments, private and public pension funds, corporations, asset management firms, and high net-worth individuals.
