Venture capital investment firm TrueBridge Capital Partners has held the closing of its first direct investment fund, TrueBridge Direct Fund, with USD125 million in commitments, exceeding its target of USD100 million.
The Direct Fund, TrueBridge's fifth fund, brings the firm's total assets under management to USD1.8 billion. The firm's previously closed funds were flagship funds-of-funds.
In collaboration with venture capital managers, the Direct Fund will invest in top-performing, primarily mid- to late-stage technology companies based predominantly within the US, in particular Silicon Valley. As a distinct vehicle concentrated on direct investing, the fund will seek to deliver value to the firm's investors and partners by providing immediate access to leading technology companies backed by top-tier venture capital managers.
"For nine years we have successfully invested with our general partners in some of the best-performing, high-growth companies in venture capital, across all four of our flagship funds-of-funds," says Mel Williams, co-founder and general partner of TrueBridge. "We created the Direct Fund to expand on that strategy, with the goal to provide additional resources and greater growth opportunities to our portfolio companies and general partners."
TrueBridge employs a fund-of-funds model and venture platform leveraging the relationships and experience of its investment team and the insights generated by the firm's partnerships across venture capital and corporations from a variety of industries. As part of the firm's broader strategic platform, the Direct Fund will complement TrueBridge's fund-of-funds strategy and contribute to generating optimal value and returns for the firm's limited partners.
Edwin Poston, co-founder and general partner of TrueBridge, says: "We pride ourselves on our ability to proactively identify and create opportunities to invest in the leading venture-backed companies alongside our managers. Because we track these companies from the earliest stages when our managers initially invest, we are prepared to move quickly and can be flexible with regard to investment size and structure.
"As we continue to expand our platform, we are grateful for the confidence that our limited partners have placed in us and believe that the Direct Fund will have a significant positive impact on their portfolios."
