Fund-of-funds Horsley Bridge Partners received approval from its limited partners in November to reduce the size of its latest fund by 25%.
Horsley Bridge VII, vintage year 2000, was reduced to $1.57 billion from $2.1 billion. “It became fairly obvious we were going to stretch out our commitment pace beyond a reasonable time frame,” says Phil Horsley, managing director. “We didn’t see it appropriate to stretch this fund out five or six years.”
After the reduction, the fund was 60% committed to 20 partnerships. Horsley says it will be fully committed by the second quarter of 2005.