Chapel Hill-based TrueBridge Capital Partners is raising a fourth TruBridge-Kauffman Fellows fund-of-funds targeted at $325 million, according to a regulatory filing. None has yet been sold. Truebridge also partners with Forbes on the “Next Billion Dollar Startups” list.

Established in 2007, by co-founders Edwin Poston and Mel Williams, TrueBridge is a niche venture capital and growth equity investment firm with a unique strategic partnership with the Kauffman Fellows Program, to which it gives half its carried interest to build a long-term endowment for the program. TrueBridge says it invests primarily in managers focused on early stage information technology companies in the United States.

“The strategy for TrueBridge funds-of-funds is to invest in a concentrated portfolio of well-established, high-performing and typically difficult to access venture capital and growth equity managers, in order to earn a superior return to both public equity markets and top-quartile venture capital benchmarks,” the firm explains on its Web site (

The Kauffman Fellows program consists of a two-year apprenticeship in which Kauffman Fellows are matched with general partners who serve as mentors for the length of the fellowship. They receive additional training via “learning modules” from industry leaders, including current venture capitalists and professors from Harvard Business School and the University of Chicago Booth School of Business.

More than 100 Kauffman Fellows and venture industry professionals are directly invested in TrueBridge as limited partners.

TrueBridge closed its first fund in 2008 at more than $310 million. It’s second fund closed at $342 million, exceeding its initial target. In 2014 it closed a third fund at $400 million in September, again exceeding its target. It backed 18 managers through its first fund of funds, and 11 managers through its second.

In past funds, TrueBridge allocated about 20 percent of its capital to seed-stage funds.

For more information:

Forbes Next Billion Dollar Startups:

Here’s the filing with the SEC: