TrueBridge Capital Partners closed its fourth venture capital fund-of-funds on Wednesday last week. The fourth fund, TrueBridge-Kauffman Fellows Endowment Fund IV, L.P. ("Fund IV") received $400 million in limited partner commitments, exceeding its target of $325 million.
Mel Williams, co-founder and general partner of TrueBridge told PR Newswire, "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."
TrueBridge Capital Partners is an asset investment firms focuses on information technology sector. The firm was founded in 2007 by Mel Williams and Edwin Poston. Prior to founding the TrueBridge Capital Partners, Mel Williams was working at the UNC-Chapel Hill Management Company, and Edwin Poston was in the Rockefeller Foundation.
The firm was located in Chapel Hill, North Carolina, the home of University of North Carolina.
Choice of the location in Chapel Hill showed firm interest on tech funding. Chapel Hill is a town in Orange County. The town is a part of Research Triangle Park (RTP) in North Carolina, one of the largest research parks in the world. Research Triangle Park is named after a connection between three major research universities in the U.S.: Duke University, North Carolina State University, and the University of North Carolina.
RTP was founded in 1959 in cooperation between governments, universities and industries. The parks are known as one of the most prominent high-tech research and development centers in the United States. Some renowned tech companies which have its research center within the parks are Microsoft, IBM, Oracle, Lenovo, Cisco Systems, Verizon and National Semiconductor.
At the center of United States research center, TrueBridge Capital Partners was founded 9 years ago. Prior to its fourth funding, the Fund IV, TrueBridge has successfully raised three venture capital funds
Its first fund was raised in 2008, closing on more than $310 million, as a venture capital and growth equity-focused fund of funds. The second fund was in 2011 on more than $342 million. While, third fund was in 2014 receiving $400 milllion in hard cap.
PE Hub Network reported as a result of the closing of this fund, TrueBridge Capital is now managing over $1.6 billion in assets.
This year's tech fund still continues its strong trend from last year. According to Digital Capital, a recent report from by PricewaterhouseCoopers (PwC) showed a total of $1.4 billion was invested through 169 individual deals in high tech funding in 2015.
Fund IV from TrueBridge Capital Partners are the second big venture capital fund focused on tech funding of this quarter. Previously, a Toronto-based Leaders Fund launched a $100 million venture fund for tech company startups. This continues a strong trend for tech funding in 2016.
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