About a year after closing on $750 million for its seventh venture capital fund of funds, TrueBridge Capital Partners is back in the market with an eighth fund targeting the same amount.
TrueBridge GP Partners VIII has not yet held a first close, according to a regulatory filing. The document shows just two managers for the general partnership, Mel Williams and Edwin Poston, who co-founded the firm.
The firm did not respond to a request for comment.
TrueBridge faces a particularly challenging fundraising market, as some LPs complain that the sharp decline in the public market has left them over-allocated to private equity and they are no longer receiving distributions from VCs since the IPO and M&A markets have stalled.
Just 23 percent of the investors surveyed in Venture Capital Journal‘s annual LP Perspectives said they planned to invest more capital in VC funds in the next 12 months, down from 40 percent last year. Likewise, 20 percent said they plan to invest less capital in VC funds, nearly double the prior year.
TrueBridge, based in Chapel Hill, North Carolina, does not disclose the names of the VC firms or funds it has backed, but its website includes testimonials from Rich Wong of Accel Partners, David Sacks of Craft Ventures and Brian Singerman of Founders Fund.
“Since 2007, we’ve been investing in the most elite, access constrained venture capital opportunities, as well as directly in select venture-backed companies to generate the most value for our investors,” TrueBridge states on its website.
Investors in TrueBridge Capital Partners VII, which held a final close in January 2022, include the Florida Retirement System Trust Fund, which committed $75 million, according to the LP database of affiliate title Private Equity International.
The Florida Retirement System also invested in TrueBridge Capital Partners VI, committing $100 million to the fund, which closed on $600 million in July 2020. Other investors in Fund VI include the University of Vermont endowment, which committed $7 million, and the University of Houston System endowment, which committed $3 million, as well as the New Hampshire Charitable Foundation, The McGregor Fund and University of New Hampshire Foundation, which all made undisclosed commitments, according to the PEI database.