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Adviser Profile

As of Date 07/23/2024
Adviser Type - Large advisory firm
Number of Employees 47
of those in investment advisory functions 11
Registration SEC, Approved, 03/31/1997
AUM* 21,696,892,706 -8.35%
of that, discretionary 21,683,724,898 -8.36%
Private Fund GAV* 21,561,597,589 -24.91%
Avg Account Size 516,592,683 0.38%
SMA’s Yes
Private Funds 41 4
Contact Info 415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Pension and profit sharing plans

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
27B 23B 20B 16B 12B 8B 4B
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count14 GAV$1,973,398,895
Fund TypeVenture Capital Fund Count27 GAV$19,588,198,694

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Brochure Summary

Overview

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.