Chapel Hill N.C.-based venture capital firm TrueBridge Capital Partners closed its first direct investment fund, at $125m.
TrueBridge Direct Fund, L.P., which exceeded its target of $100m is TrueBridge’s fifth fund and brings the firm’s total assets under management to $1.8 billion. Previously closed funds were funds-of-funds.
In collaboration with premier venture capital managers, the Direct Fund will invest in primarily mid- to late-stage technology companies based predominantly within the United States, in particular Silicon Valley.
Established in 2007 by Mel Williams and Edwin Poston, general partners, TrueBridge employs an innovative fund-of-funds model and venture platform leveraging the relationships and experience of its investment team and the insights generated by 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 value and returns for limited partners.