Horsley Bridge Partners LLC (“HBP”, “we”, “us” or “our””) was founded in 1983. We are
headquartered in San Francisco and have offices in London and Beijing. HBP provides investment
management services to and is the Managing General Partner of a series of fund-of-funds (the
“Fund(s)” or “Client(s)”) formed to make investments in venture capital and private equity
partnerships (the “Partnership(s)”). These Funds are offered to investors on a private placement
basis.
The Funds are formed as private equity funds-of-funds. We invest primarily in early stage venture
capital and small buyout partnerships. The Funds may also make secondary purchases of
interests in private equity funds (referred to as “secondary investments”), and some of the Funds
may make direct investments in operating companies (referred to as “direct co-investments”
throughout this brochure). We do not invest in real estate, hedge, distressed debt, or energy
funds.
The Funds’ Partnership investments include venture capital partnerships investing in seed and
early-stage companies, partnerships investing in growth companies, and buyout partnerships
investing in more mature companies. Investments made by these Partnerships may include both
private and public companies in all types of industries. Investments may be made any place in
the world, but they are primarily concentrated in the United States (“U.S.”), Europe, Asia and
Latin America. Direct co-investments are generally sourced by existing Partnership managers.
Outside of direct co-investments, the Funds will on occasion directly hold public equity securities
only to the extent that the Partnerships have made an in kind distribution of marketable
securities to the Funds. Cash is held at the Funds’ custodian banks and is held in either interest-
bearing accounts or in money market funds.
HBP provides investment management services to the Funds, which includes analyzing, selecting,
monitoring and maintaining Partnership investments and direct co-investments, managing the
securities held by the Funds or distributed to the Funds by these Partnerships, and all duties
necessary to carry on the ordinary affairs of the Funds.
Investors in the Funds are Limited Partners (“Limited Partners” or “Investors”). Our Limited
Partners are generally institutional investors and include, but are not limited to, corporate
pension plans, sovereign wealth entities, public pension plans, endowments, foundations and
trusts.
The governing document for each Fund is the Limited Partnership Agreement (“LPA”). Subject to
the terms of the LPA, HBP has exclusive management and control over the affairs of the Funds.
The LPA for each Fund governs any investment restrictions, which are discussed in Item 16
Investment Discretion.
As of December 31, 2023, HBP is the Managing General Partner of 41 Funds. Five of the Funds
(Horsley Bridge Fund VIII, L.P. – Horsley Bridge X Growth Buyout-A, L.P.) invest in Partnerships
formed primarily to invest in the U.S. Three of the Funds (Horsley Bridge International III, L.P. –
Horsley Bridge International V, L.P.) invest in Partnerships formed to invest primarily outside the
U.S. Horsley Bridge XI Venture, L.P., Horsley Bridge XI Growth Buyout, L.P., Horsley Bridge XI
Growth Buyout-A, L.P., Horsley Bridge XII Venture, L.P., Horsley Bridge XII Growth Buyout, L.P.,
Horsley Bridge XII Growth Buyout-A, L.P., Horsley Bridge XIII Venture, L.P., Horsley Bridge Growth
13, L.P., Horsley Bridge Growth 13-A, L.P., Horsley Bridge Venture 14, L.P., and Horsley Bridge
Venture 15, L.P. are global funds, investing in venture or growth buyout Partnerships (as
indicated
by the particular Fund’s name) focused on investing in the U.S. and other core markets,
including China and Europe. These funds are sometimes collectively referred to as the “main
Funds”. Sixteen of the Funds were formed for special purposes to invest (i) either alongside the
main Funds, exclusively in Partnerships that are held by the main Funds, but in different
commitment amounts, (ii) in certain opportunities in lieu of a main Fund, due to portfolio
construction considerations for a main Fund, or (iii) to facilitate the execution of a secondary sale
of assets from other Funds. The remaining six Funds were formed as feeder vehicles for certain
foreign investors in Horsley Bridge XII Venture, L.P., Horsley Bridge XII Growth Buyout-A, L.P.,
Horsley Bridge XIII Venture, L.P., Horsley Bridge Venture 14, L.P., Horsley Bridge Growth 13-A,
L.P., and Horsley Bridge Venture 15, L.P.
HBP is the Managing General Partner to the following Funds:
Horsley Bridge VIII, L.P.
Horsley Bridge IX, L.P.
Horsley Bridge X Venture, L.P.
Horsley Bridge X Growth Buyout, L.P.
Horsley Bridge X Growth Buyout-A, L.P.
Horsley Bridge XI Venture, L.P.
Horsley Bridge XI Growth Buyout, L.P.
Horsley Bridge XI Growth Buyout-A, L.P.
Horsley Bridge XII Venture, L.P.
Horsley Bridge XII Venture Feeder, L.P.
Horsley Bridge XII Growth Buyout, L.P.
Horsley Bridge XII Growth Buyout-A, L.P.
Horsley Bridge XII Growth Buyout Feeder, L.P.
Horsley Bridge XIII Venture, L.P.
Horsley Bridge XIII Venture Feeder, L.P.
Horsley Bridge Growth 13, L.P.
Horsley Bridge Growth 13-A, L.P.
Horsley Bridge Growth 13 Feeder, L.P.
Horsley Bridge Venture 14, L.P.
Horsley Bridge Venture 14 Feeder, L.P.
Horsley Bridge Venture 15, L.P.
Horsley Bridge Venture 15 Feeder, L.P.
Horsley Bridge International III, L.P.
Horsley Bridge International IV, L.P.
Horsley Bridge International V, L.P.
Horsley Bridge Netherlands VII, L.P.
Horsley Bridge Growth VIII, L.P.
Horsley Bridge Strategic Fund, L.P.
Horsley Bridge Strategic Fund II, L.P.
Horsley Bridge Strategic Fund III, L.P.
Horsley Bridge Strategic Fund III-A, L.P.
Horsley Bridge Strategic Fund IV, L.P.
Horsley Bridge Strategic Fund V, L.P.
Horsley Bridge Strategic Fund VI, L.P.
Horsley Bridge Strategic Fund 7, L.P.
Horsley Bridge GC, L.P.
Horsley Bridge SPV II, L.P.
Horsley Bridge SPV 3, L.P.
Horsley Bridge SPV 4, L.P.
Horsley Bridge Venture 14+, L.P.
Horsley Bridge Consolidation Fund, L.P.
as of December 31, 2023
As of December 31, 2023, HBP also acted as investment manager to one non-discretionary
account holding private equity partnerships. HBP manages this account on behalf of a pension
plan which is also a Limited Partner in the Funds. HBP does not have discretionary authority to
add Partnership investments to this account or make recommendations for new Partnership
investments. HBP provides instructions for the processing of transactions related to the
contributions of capital and disposition of assets, places trades for the sale of securities
distributed by the Partnerships, and directs the Trustees with respect to the voting of investment
assets and execution of consents and other related documents.
HBP is wholly-owned by our Managing Directors. HBP has no outside ownership of any kind. No
individual Managing Director owns greater than 25% of HBP as of December 31, 2023.
As of December 31, 2023, HBP managed approximately $21,696,892,706 in regulatory assets
under management and approximately $22B in committed capital on a discretionary basis, and
$13,167,808 on a non-discretionary basis through its managed account.