SAN FRANCISO – Horsley Bridge Partners in early July held a first and final close on more than $1 billion for Horsley Bridge Fund VI L.P.
As its predecessors, the fund-of-funds will invest in domestic private equity partnerships, said Managing Director Gary Bridge. The 1997 $500 million Horsley Bridge Fund V is fully invested.
The size of the latest fund was set based on the number of firms the vehicle will back and the growth in their funds, said Mr. Bridge, who declined to name limited partners but said most were investors in previous Horsley Bridge funds.
Glen Schwartz, senior investment officer for the San Francisco City and County Employees’ Retirement System said the pension committed $75 million to the Horsley Bridge vehicle in May. “We’re feeling very good about that,” he said, noting that he had been courting Horsley Bridge since his arrival at the pension about a year ago. The pension also has invested in a European fund-of-funds managed by Horsley Bridge.