MENLO PARK, Calif., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Trinity Ventures, an early-stage technology venture capital firm that has championed breakthrough founders and startups for over 35 years, announced today the close of Trinity Ventures 2024, LP, a multi-asset continuation fund with approximately $435 million in total commitments. The new fund was formed to recapitalize a group of portfolio companies from Trinity Ventures XI, LP, a 2012 vintage fund.
Trinity welcomes new Limited Partner, Partners Group, on behalf of its clients, and existing investor Portfolio Advisors as leads in the new fund, along with co-lead Goldman Sachs Asset Management.
“We are pleased to partner with Trinity Ventures on this multi-asset continuation fund,” said Andres Small, Managing Director at Partners Group. “When assessing continuation opportunities, we underwrite single assets on a look-through basis and apply a direct owner's mindset to our investments. We have been impressed by the growth trajectory and capital efficiency of the portfolio’s core assets.”
“Trinity Ventures has been a longstanding partner over many years for Portfolio Advisors and we are delighted to build on our relationship with them by bringing our expertise in secondary market investing to this opportunity,” said Jorge Rossello, Managing Director at Portfolio Advisors.
“We are excited about the future growth prospects of the Trinity Ventures 2024 portfolio,” said Jenna Shen, Managing Director in Vintage Strategies at Goldman Sachs Alternatives. “This investment vehicle will allow Trinity to support the continued growth of its portfolio investments beyond the traditional venture capital cycle.”
Trinity Ventures 2024 enabled Trinity XI’s limited partners to either realize liquidity or continue participating in the go-forward value creation of the portfolio. The Trinity partners managing the new vehicle are rolling forward the entirety of their capital investment and realized carry in Trinity Ventures XI into Trinity Ventures 2024.
Trinity Ventures 2024 will support 15 portfolio companies from Trinity Ventures XI, LP including scaled companies such as BirdEye and Cohesity.
“We are delighted to have closed on a fund that provides a liquidity option to Trinity XI LPs while also extending the life of key Trinity XI investments,” said Ajay Chopra and Patricia Nakache, General Partners at Trinity Ventures. “We are excited to work with our new and rolling investors as we embark on this next chapter for these portfolio companies.”
Jefferies served as exclusive financial advisor, with Cooley LLP serving as legal counsel to Trinity Ventures.
About Trinity Ventures
Trinity Ventures is a leading venture capital firm investing in early-stage technology companies with emphases on Cloud Infrastructure and Core Technologies, Consumer Driven Services, Horizontal Business Applications, Industry Specific Services and Emerging Technologies. For over thirty-five years, Trinity has helped passionate entrepreneurs with breakthrough ideas transform markets and lives. To learn more visit: www.trinityventures.com.
Anita Chatterjee A-Game Public Relations anita@a-gamepr.com
