Trinity Ventures Secures $435 Million Continuation Fund

Trinity Ventures has closed Trinity Ventures 2024 LP (TV 2024), a continuation fund with $435 million in commitments. The new fund will be used to recapitalize select portfolio companies from the firm’s eleventh fund, Trinity Ventures XI LP (Fund XI), which closed in October 2012 with $325 million in capital commitments.

TV 2024 was raised in order to provide Fund XI investors with liquidity options while enabling continued participation in the portfolio’s long-term value creation efforts. The Trinity partners managing the continuation fund are rolling forward all of their Fund XI capital and realized carry into TV 2024. 

Trinity Ventures, headquartered in Menlo Park, focuses on early-stage investments in companies operating in the cloud infrastructure, consumer-driven services, and emerging technology sectors.

“We are delighted to have closed a fund that provides a liquidity option to Trinity XI LPs while also extending the life of key Trinity XI investments,” said Trinity General Partners Ajay Chopra and Patricia Nakache in a released statement.

TV 2024 aligns with a growing trend in venture capital to offer liquidity options to limited partners while allowing for continued participation in future value creation as portfolio companies scale.

The fund will support 15 companies, including BirdEye, a California-based provider of cloud-based services that help businesses manage their online reputation, customer reviews, and feedback to improve customer engagement. Trinity Ventures made its initial investment in BirdEye in January 2016, leading an $8 million Series A round. In February 2017, Trinity Ventures participated in BirdEye’s $25 million Series B round, which was led by World Innovation Lab. Excluding the Seed round, the company has raised a total of $93 million in funding over three rounds, with the latest being a $60 million Series C round in March 2022 led by Accel-KKR.

Another portfolio company, Cohesity, is a California-based provider of data management services that simplify the consolidation, protection, and analysis of enterprise data across on-premises, cloud, and hybrid environments. Trinity Ventures made its initial investment in Cohesity in May 2015 during the company’s $55 million Series B round. The firm continued to support Cohesity in subsequent funding rounds, including its $90 million Series C round in April 2017.

Limited partner investors in TV 2024 include Partners Group, Portfolio Advisors, and Goldman Sachs Asset Management.

“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,” said Andres Small, a managing director at Partners Group.

“Trinity Ventures has been a longstanding partner over many years, 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, a managing director at Portfolio Advisors.

Partners Group invests globally across private equity, real estate, infrastructure, and debt. The firm, which was founded in 1996 and is headquartered in Baar-Zug, Switzerland, manages more than $100 billion in assets.