CHAPEL HILL – TrueBridge Capital, which is based in Chapel Hill and was launched by a pair of UNC-CH graduates, has closed its second direct investment fund, TrueBridge Direct Fund II, with $190 million in commitments — exceeding the firm’s fundraising target, it announced today.

The new fund will target top-performing venture and growth stage technology companies based predominantly within the United States. Investors into the fund included foundations, endowments, pension plans, family offices, and high net-worth individuals.

“We are proud to continue partnering with leading entrepreneurs and their venture capital investors as they grow the next generation of iconic businesses,” said Edwin Poston, co-founder and general partner of TrueBridge, in a statement. “We’re grateful for the confidence that our limited partners have placed in us, and we’re very excited to offer our investors exposure to some of the most transformative companies in the world.”

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 seven 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.

“For more than a decade, we have successfully co-invested with our venture capital managers directly into companies, through our funds-of-funds as well as our first direct investment fund,” said Mel Williams, TrueBridge co-founder and general partner, in a statement. “Our second direct fund continues to harness TrueBridge’s deep technology expertise, extensive networks, and substantial resources to create a clear edge in value creation. We are confident in the continued expansion of our strategy and our team’s demonstrated ability to directly help founders, general partners, and entrepreneurs execute on their strategic goals.”