US fund of funds TrueBridge Capital Partners will invest 25% of its new Kauffman Fellows Endowment Fund of $310 million in India and China. The fund will invest in venture capital and growth equity managers, principally in the early stage IT and life sciences sectors. Investors in the fund include foundations and endowments, corporate and state pension funds, high-net-worth individuals and asset management firms. The new fund currently has over 50 Kauffman Fellows invested as limited partners.
According to the press note issued from the company, TrueBridge expects to commit approximately 75 per cent of the fund in North America, with the remainder overseas, mainly in China and India.
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. TrueBridge Capital Partners was founded in 2007 by Edwin Poston and Mel Williams.
Switzerland-based Capvent, Evolvence India Fund, Thomas Weisel Partners (which got acquired by Guggenheim Partners) are some of the India based fund of funds while others like Partners Group and HarbourVest are also looking at India from a Pan Asia perspective.