TrueBridge Capital, which is based in Chapel Hill and was launched by a pair of UNC-CH graduates, has raised $400 million in a new round of financing.
TrueBridge now has more than $1.6 billion under management. The firm also is known as a contributor to Forbes, providing such features as the “Midas List” for top investors and the “Next Billion Dollar Startup” list.
Its portfolio includes a number of well-known tech startups such as:
- Uber
- Zulily
- Xiamoi
- Solar City
- Oculus
- SpaceX
- LifeLock
- Airbnb
- Dropbox
- GitHub
The firm announced the funding Wednesday. An SEC filing shows that the first equity in the fund was sold in late December.
The fund is called TrueBridge-Kauffman Fellows Endowment Fund IV.
Investment strategies of TrueBridge
From its website:
- Premier Venture Fund Investing
TrueBridge primarily invests in high-performing, access-constrained venture capital managers with proven teams, strategies, and track records. The firm maintains a strong bias for early-stage IT investments and dedicates a portion of each fund to leading seed and micro-VC firms. TrueBridge also selectively invests in emerging venture managers with unique characteristics and track records of personal success.
- Direct Investing
TrueBridge invests directly in top-performing, primarily mid- to late-stage technology companies alongside its managers. The firm is a preferred partner to companies and venture capitalists alike, given its swift ability to provide early liquidity to employees, clean up cap tables in financing rounds, and generate unique opportunities for company growth, development, and promotion.
It was oversubscribed, the company having set a target of $325 million.
TrueBridge said it will focus its investments on early-stage information technology firms in Northern California.
In 2014, TrueBridge raised more than $400 million for its third fund.
“We are humbled by the confidence our limited partners have placed in us to make a meaningful impact on their portfolios by continuing to navigate the evolving technology landscape and unlock the best venture capital opportunities,” said Mel Williams, co-founder and general partner of TrueBridge, in a statement.
Investors include foundations and endowments, corporate and public pension funds, family offices, and high-net-worth individuals.
In the announcement, an early backer of Twitter and Uber praised TrueBridge.
“We are very fortunate to work with the TrueBridge team. Time and again they have demonstrated their value as more than just a loyal and consistent source of capital but also as longtime members of our advisory board, where they have helped us navigate pivotal decisions. Their broad exposure to the industry affords them unique insights into fund best practices and innovation,” said Chris Sacca, the founder and general partner of seed firm Lowercase Capital, said.
“They also have added value directly to our portfolio companies, and we are proud to make those introductions. From their co-production of the Forbes Midas List to their top-shelf industry research and thoughtful diligence, TrueBridge has earned our highest endorsement, and they will always get first look at our new projects.”
TrueBridge’s limited partners include foundations and endowments, corporate and public pension funds, family offices, and high-net-worth individuals.
The firm launched in 2007 by co-founders Edwin Poston and Williams. Both earned their undergraduate degrees at UNC-Chapel Hill.
Staffed by 15 people, the investment team numbers seven.
