TrueBridge closes $508M second venture secondaries fund
What's the deal? TrueBridge Capital Partners, a Chapel Hill, North Carolina venture firm, has closed its second secondaries fund, TrueBridge Secondaries II, L.P., with $508 million in commitments. Backers include foundations, endowments, pension funds, family offices, and high-net-worth individuals.
What's the endgame? The fund targets venture funds and direct secondary investments in venture-backed companies. TrueBridge plans to build concentrated portfolios, drawing on nearly 20 years of investing and relationships with leading venture managers.
Why now? Companies are staying private longer, pushing investors toward secondary transactions for liquidity. "The evolution of the venture market has created an important role for secondaries, both as a source of liquidity and as another route for investors to access high-quality venture assets," said partner Andrew Winslow.
By the numbers: The close more than doubles the firm's debut secondaries vehicle, Secondaries I, which raised $230 million in 2024.
The signal: With traditional exit routes such as IPOs and acquisitions less predictable, secondaries have become a core liquidity channel in venture. TrueBridge's rapid follow-on fund reflects rising investor appetite for a maturing corner of the market.
Read more: third-news.com
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