Arizona PSPRS commits to Trustbridge's fifth China fund

The agenda for the pension system's investment committee indicates it was considering an investment of up to $30 million in the fund - the same amount it put into Trustbridge's fourth vehicle in 2011. However, Pensions & Investments reported the agreed upon commitment was $40 million.

Founded in 2006, Trustbridge targets companies in the technology, media and telecom space, as well as consumer-related businesses. It participates in growth capital and expansion stage investments.

Recent deals include leading a $130 million round for online peer-to-peer lending platform Renrendai, follow-on funding for food-ordering service Meican as part of a series B round, and a reported investment in Shanghai Jiahui International Hospital.

Trustbridge raised $30 million for its first fund in 2006 and followed up with a $375 million for Fund II the next year, according to AVCJ Research. Fund III closed at $400 million in 2008 and then the firm raised $527 million for its fourth fund in 2011. LPs included Teachers' Retirement System of the State of Illinois. Trustbridge made a filing for Fund V with US regulators in September.

Arizona PSPRS had $7.2 billion in assets as of June 2013, of which 11.6% was in private equity, 6.5% in real estate, and 13.2% in real estate. It has previously invested in Baring Private Equity Asia fifth and sixth fund - the latter of which is on course to reach its hard cap of $3.85 billion - KKR's second pan-regional fund and PAG's first Asian private equity fund.

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• Topics
• Fundraising
• Greater China
• Technology
• Consumer
• LPs
• TMT
• Consumer
• LPs
• Trustbridge
• Fundraising
• China