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TrueBridge closes venture capital fund of funds on $310m13/08/2008. Source: AltAssets. 
 US asset management firm TrueBridge Capital Partners has closed its inaugural CVE-Kauffman Fellows Endowment Fund on over $310m, exceeding its $250m target. The fund held a previous closing in October of last year, on $115m.
Investors in the fund comprise foundations and endowments, corporate and state pension funds, high-net-worth individuals and asset management firms.
TrueBridge has partnered with the Center for Venture Education (CVE), which runs the Kauffman Fellows Program, an apprenticeship programme for venture capitalists.
A portion of the fund's carried interest will go towards helping build and grow a long-term endowment for the Kauffman Fellows Program.
The new fund currently has over 50 Kauffman Fellows invested as limited partners, according to a statement.
The fund will invest in venture capital and growth equity managers, principally in the early stage IT and life sciences sectors. TrueBridge expects to commit approximately 75 per cent of the fund in North America, with the remainder overseas, mainly in China and India.
Edwin Poston, general partner, TrueBridge, said, 'Building a new firm that invests with the very best venture and growth equity firms has required considerable effort, and we have been thrilled with the support we have received. Receiving support from the outstanding general partners in which we have invested, from the terrific base of limited partners in our fund and from CVE and the Kauffman Fellows has been extremely gratifying.'
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