The latest fund-of-funds, a investment firm that puts its money into other venture firms, to close on a round is TrueBridge Capital Partners, with $310 million in new money.
Based in Chapel Hill, Calif., TrueBridge is a new firm, and this is its first close. It was aiming for $250 million, but ultimately took on more. Some 50 of its limited partners are members of the Kauffman Fellows Program, a training ground for new VCs.
The fund has already been investing in venture firms, according to The News & Observer, which says it has put in $195 million to date. TrueBridge declined to name the firms in its portfolio, but we can point out one: Boston’s Flybridge Capital, formerly known as IDG Ventures Boston.
TrueBridge was founded by Edwin Poston, formerly of the Rockefeller Foundation, and Mel Williams, who helped found the University of North Carolina’s endowment management firm.
