TrueBridge Capital Partners has closed TrueBridge Secondaries II with $508 million in commitments, more than doubling the size of its first dedicated venture secondaries fund.
The oversubscribed fund received commitments from new and existing investors, including foundations, endowments, pension funds, family offices, and high-net-worth individuals.
Secondaries II will invest across both venture fund interests and direct secondary transactions involving venture-backed companies.
TrueBridge plans to emphasize transactions where its venture manager relationships, underlying company information and underwriting capabilities provide differentiated access or insights.
The fund arrives as venture-backed companies remain private for longer periods and traditional liquidity channels such as IPOs and acquisitions have become less predictable.
That environment has increased demand from employees, early investors and other shareholders seeking liquidity through secondary transactions.
At the same time, the growing number of mature private technology companies has created a larger pool of assets available to secondary investors.
TrueBridge’s secondaries strategy draws on nearly 20 years of investing across the venture ecosystem.
Its relationships with venture capital managers provide visibility into thousands of venture-backed companies and potential fund-level transactions, while its direct investment platform gives the firm additional information about individual companies, markets and financing histories.
Secondaries II follows TrueBridge Secondaries I, which closed with $230 million in commitments in 2024.
The strategy sits within a broader platform spanning venture fund investments, direct company investments, secondaries and customized investment solutions.
TrueBridge manages more than $15 billion in regulatory assets under management and was founded in 2007.
“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. Our relationships across the venture ecosystem give us access to secondary opportunities that are often not broadly available, including sought-after venture funds and companies that can be difficult for investors to access through traditional channels. That access allows us to be highly selective and build concentrated portfolios around the assets where we have the greatest conviction, while our deep familiarity with the underlying managers and companies gives us an additional advantage in evaluating those opportunities.”
Andrew Winslow, Partner at TrueBridge Capital Partners
