Venture Capital: TrueBridge Capital Partners Closes Fund-of-Funds VI at $600M

July 14, 2020 | News, Venture Capital
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The latest fund brings TrueBridge’s AUM to $3.3 billion.

TrueBridge Capital Partners, the venture capitalist firm based in Chapel Hill, N.C., announced the closure of its sixth venture capital fund-of-funds. TrueBridge Capital Partners Fund VI, L.P. closed after receiving commitments of $600 million. (FINSMES)

Investors in Fund VI included foundations and endowments, pension funds, family offices, and high net worth individuals.

TrueBridge funding unaffected by economic uncertainty

In 2018, TrueBridge closed its Fifth Venture Capital Fund of Funds at its $450 million hard cap.

So the current Fund VI has raised a third more notwithstanding the economic upheaval from the coronavirus pandemic.

“Today’s global economic environment is one with a truly unprecedented level of uncertainty,” said Mel Williams, co-founder and general partner of TrueBridge, in a statement. “Now more than ever, there is a tremendous need and opportunity to connect venture capitalists and entrepreneurs as they pioneer new technologies to better navigate our evolving world.”

According to Itay Sagie, an analysis of Crunchbase data for the first half of 2020 for the U.S. showed the number of funded rounds for the stages from seed to Series B fell to 541 VC deals in March to June 2020 compared to 964 in the same period in 2019.

Investing strategy

As a fund-of-funds VC, TrueBridge mostly invests in venture capital managers that have a solid track record. It also prefers if the VC is backed by teams with strategies. Further, it usually reserves a portion of each fund for leading seed and micro-VC firms in IT. Technology is a sector for which the firm has a strong preference.

“Investing in new and disruptive technologies is more important than ever, and TrueBridge’s partnership enables us to continue funding innovative companies and driving positive change across all economic cycles,” said Geoff Ralston, President of Y Combinator, in respect of Fund VI.

TrueBridge also invests directly into high-performing, mid- to late-stage technology companies alongside its managers.

In April, TrueBridge raised $190 million for its second direct fund, the TrueBridge Direct Fund II, L.P

Related Story:     Forbes Releases the 2020 Midas List                                             

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