TrueBridge Capital Closed Secondaries Fund at $508 Million
The firm doubled its secondary venture capital capacity as liquidity timelines for private companies extend.
Updated on Sept. 28, 2026 in Startups
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TrueBridge Capital Partners closed its second dedicated secondary fund, TrueBridge Secondaries II, at $508 million on September 8, 2026. This vehicle exceeds the $230 million raised by its predecessor fund in 2024.
Why it matters
The fund targets venture fund interests and direct company shares, providing liquidity as private companies remain private longer. This trend is driven by less predictable paths to IPO and M&A exits across the venture capital landscape.
The new fund marks a significant expansion from the $230 million raised for the inaugural fund in 2024. The firm now oversees more than $15.0 billion in total regulatory assets under management.
The players
TrueBridge Capital Partners
An investment firm managing over $15.0 billion in assets with a focus on venture capital fund interests and direct secondary transactions.
The details
The fund operates by acquiring existing interests in venture funds and purchasing direct stakes in venture-backed companies. It leverages the firm's established manager relationships and proprietary underwriting processes to identify and acquire assets. This approach aims to provide liquidity in a market characterized by longer private company lifecycles.
Timeline
TrueBridge Secondaries I closed during 2024.
TrueBridge Secondaries II reached its final close on September 8, 2026.
The Tech Race
The fund expansion follows the pattern of established firms scaling secondary vehicles to solve the liquidity challenges inherent in current venture market conditions. It highlights a pivot toward secondary markets as a primary mechanism to address the post-2022 venture capital liquidity crunch.
Investors including endowments, pension funds, and family offices are the primary participants in this secondary vehicle. For startups and venture-backed employees, this provides a pathway for early liquidity in companies that are delaying public offerings.
The takeaway
The rise of secondary funds is becoming a standard response to the extended holding periods of private technology firms. Watch for future capital raise announcements from similar firms as they attempt to balance portfolio turnover with current IPO market volatility.
Further reading
For more on capital formation and liquidity trends, explore our Startups section.
Source note: This article includes information reported by Hedgeco.
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