Over the last month, fund-of-funds shop Horsley Bridge Partners received clearance from its limited partners to reduce the size of its latest fund, Horsley Bridge VII, by 25%, according to Managing Director Phil Horsley.
Faced with a slowed venture fund-raising pace and fund size reductions from the funds in which it had invested, the fund, which closed in July 2000, was reduced to $1.57 billion from $2.1 billion. The firm also reduced a sidecar vehicle funded by a large Dutch investor to $375 million from $500 million. Since the Dutch sidecar invests on a pro rata basis with the main fund, Horsley says the firm typically thinks of the two vehicles as a collective unit, which will now have a total capitalization of $1.95 billion.
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