CHAPEL HILL – Venture capital investment firm TrueBridge Capital Partners is getting acquired by an affiliate of Dallas-based P10 Holdings.
The news was first reported in Business North Carolina magazine.
The terms of the deal were not disclosed.
“The deal was announced Aug. 25, and P10 shares jumped 34% in over-the-counter trading the following day. TrueBridge is receiving $159 million in convertible preferred shares, which will make up about 36% of a holding company owned by P10 if fully converted,” the magazine reportted.
“With common cultures, consistent long-term track records and a shared vision of building a premier alternative asset manager able to deliver market-leading returns to our investors, we see tremendous opportunity in the years ahead,” TrueBridge’s co-founders Mel Williams and Edwin Poston said in the release.
Noted Business North Carolina: “Williams is a former co-founder of Chapel Hill-based UNC Managment, where he helped manage more than $2 billion of endowments for the university and other North Carolina institutions. Poston was previously a managing director at The Rockefeller Foundation in New York. Both have bachelor’s degrees from UNC Chapel Hill.”
Founded in 2007, TrueBridge invests in venture and seed/micro-VC funds focused primarily on early-stage IT, as well as directly in select venture and growth stage technology companies.
TrueBridge has successfully closed eight funds to date, including its flagship funds-of-funds and inaugural direct fund, bringing the firm’s total assets under management to $3.3 billion. Its portfolio includes a number of well-known tech startups such as Uber, Twitter, SpaceX and Dropbox, noted the Triangle Business Journal.
TrueBridge is the data partner behind Forbes’ Midas List and Next Billion Dollar Startups, and is a regular venture-focused contributor on Forbes’ platform.
P10 is the parent of RCP Advisors and Five Points Capital. It’s led by co-CEOs Robert Alpert, who previously founded Atlas Capital Management, and C. Clark Web, previously co-portfolio manager of the Lafayette Street Fund.
Chapel Hill-based TrueBridge Capital Partners’ raises $600M Fund VI
