Chapel Hill, N.C. – September 12, 2026 -- TrueBridge Capital Partners has closed its second dedicated venture secondaries fund, TrueBridge Secondaries II, L.P., with $508 million in commitments, more than double the size of its predecessor.
Fund more than doubles predecessor's $230 million haul from 2024
Secondaries II was oversubscribed and drew capital from new and existing investors, including foundations, endowments, pension funds, family offices, and high-net-worth individuals. It follows TrueBridge Secondaries I, which closed at $230 million in 2024 as the firm's first dedicated venture secondaries vehicle.
Fund targets both fund-level and direct company secondary stakes
Secondaries II will invest in venture funds as well as pursue direct secondary transactions in venture-backed companies. The strategy emphasizes deals where TrueBridge's existing relationships, proprietary information, and underwriting capabilities give it an edge over other bidders.
Longer private company lifecycles drive secondary market expansion
Venture-backed companies are staying private longer, and traditional liquidity paths such as IPOs have become less predictable, pushing investors, employees, and other shareholders toward secondary transactions. TrueBridge cites this dynamic, alongside a larger and more mature universe of private technology companies, as expanding the opportunity set for secondary investors.
Andrew Winslow, Partner at TrueBridge, said the firm's ecosystem relationships provide access to secondary opportunities not broadly available, including sought-after venture funds and companies difficult to reach through traditional channels. He said this access allows TrueBridge to build concentrated portfolios around assets where it holds the greatest conviction.
Nearly 20 years of venture investing informs sourcing capability
TrueBridge's secondaries strategy draws on relationships built over nearly two decades of investing across the venture ecosystem, giving the firm visibility into thousands of venture-backed companies and potential fund-level opportunities. Its direct investment platform adds further perspective on individual companies, their markets, and financing histories.
The new fund extends TrueBridge's broader venture platform, which spans fund investments, direct investments, secondaries, and customized solutions.