Its 2024 predecessor set the record for the strategy after closing with $3.3 billion in capital commitments.
The sequel fund has secured $150 million from a California pension and will back venture and growth managers through GP stakes, fund commitments, and co-investments.
The Denver-headquartered firm recently appointed Osnat Velingard in Tel Aviv to lead the firm's secondary strategy, which targets growth-stage tech companies.
Industry Ventures Secondary XI is the first fund launched since Goldman Sachs acquired the San Francisco-based manager last year.
TrueBridge Secondaries II will invest in venture funds and direct secondary transactions involving venture-backed companies.
The strategy is reportedly targeting $1 billion, three years after General Atlantic took a minority stake in Clipway.
The firm's lower fees in its flagship secondary funds will be offset by growth in its private wealth assets, according to CFO David Park.
The alternatives manager also gave updates on the fundraising status of several other secondaries strategies spanning private equity, GP-leds, venture capital, and infrastructure.
Its 2024 predecessor set the record for the strategy after closing on $3.3 billion in capital commitments.
The firm's 2024 predecessor holds the title of the largest-ever VC secondaries fund, with $3.3 billion raised.
