TrueBridge Capital Partners, a Chapel Hill-based company that manages more than $3.3 billion in venture capital investments, has agreed to be acquired by Dallas-based P10 Holdings.
The deal was announced Aug. 25. P10 shares jumped 34% in over-the-counter trading the following day. TrueBridge is receiving $159 million in convertible preferred shares. That will make up about 36% of a holding company owned by P10 if fully converted, according to a press release.
“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.
Williams is a former co-founder of Chapel Hill-based UNC Management, where he helped manage more than $2 billion of endowments for the university and other institutions. Poston was previously a managing director at The Rockefeller Foundation in New York. Both have bachelor’s degrees from UNC Chapel Hill.
TrueBridge in July closed its sixth fund-of-funds, raising $600 million. The company invests in venture capital funds that focus mainly on early and growth stage technology companies. It also provides data for Forbes media group’s Midas List of the world’s 100 top venture capitalists.
TrueBridge’s website notes the “Kauffman Fellows Program was integral to the firm’s inception in 2007. Over 150 venture capitalists are personally invested in TrueBridge funds today.” The Palo, Alto, Calif.-based Kauffman fellowship is a two-year program to train promising innovators.
Earlier this year, P10 acquired Winston-Salem-based Five Points Capital. It provides equity and debt capital to lower middle-market private companies.
P10 is an alternative asset management company formed by Dallas investors Clark Webb and Robert Alpert. The business had net income of $12 million and revenue of $45 million in 2019.
TrueBridge ranks among North Carolina’s largest money managers, according to Business North Carolina’s rankings.