· Investment Strategies · 1 source · Updated · Verified
TrueBridge Secondaries II Closes $508M — More Than 2× Fund I, No LP Names
TrueBridge Capital Partners announced the final close of Secondaries II at $508 million on September 8, 2026. Fund I closed at $230 million in 2024. LP names were not disclosed. $15.0 billion is regulatory AUM for the whole firm, not this vehicle.
By Venture Capital Tracker Editorial
TrueBridge Capital Partners announced the final close of TrueBridge Secondaries II at $508 million on September 8, 2026. PR Newswire. Fund I closed at $230 million in 2024. That is more than 2×, not a new primary-venture vehicle. Last verified September 9, 2026.
There is ** Do not invent one.
Five-minute decision
| If you need… | Verdict |
|---|---|
| What happened | Closed. Secondaries II $508M. Chapel Hill firm. |
| vs Fund I | Fund I $230M (2024). This vehicle is larger, same sleeve. |
| LPs | Not named. “Foundations and endowments, pension funds, family offices, HNW.” |
| Firm AUM | More than $15.0B RAUM — whole platform, not Secondaries II. |
| Whether this is VC dry powder for Series A | No. Secondaries in funds and companies. |
Investigate further when: you care about LP liquidity in long-duration venture, not a new early-stage cheque.
Wait or pass when: you need named LPs, DPI, or a company-by-company secondaries book.
What closed
| Field | Detail |
|---|---|
| Vehicle | TrueBridge Secondaries II, L.P. |
| Amount | $508M commitments · Sep 8, 2026 |
| Prior sleeve | Secondaries I $230M (2024) |
| Mandate | Venture fund secondaries and direct secondaries in venture-backed companies (firm) |
| HQ | Chapel Hill, North Carolina; founded 2007 |
| Other platform | Fund investments, directs, customized solutions; data partner on Forbes Midas lists (firm) |
Partner Andrew Winslow’s quote is access-and-selectivity marketing. It is not a track-record table.
Secondaries vs the primary prints this week
Nua’s $50 million Series C mixes primary and secondary inside a company round. TrueBridge is raising a dedicated secondaries fund. Those are different jobs. Swish Fund III is a $250 million primary vehicle whose $800 million headline is AUM. Same trap as TrueBridge’s $15 billion RAUM line.
What remains undisclosed
LP list. Deployment pace. Split between LP-led fund secondaries and direct company secondaries. Fees. TVPI/DPI on Fund I.
Related: September 9 index · Swish $250M vs $800M AUM · a16z Growth top-up · Cherubic Fund VI.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.
