Its venture strategy focuses on seed and early-stage technology managers, seeking access to highly selective venture franchises and early exposure to emerging technology companies.
Its buyout strategy emphasizes growth-oriented and operationally active managers, with particular interest in smaller funds where active company-building can have a larger impact.
The firm also invests internationally and says it has operated across Europe, Asia and other international markets for more than two decades.
This model makes Horsley Bridge economically different from a direct venture-capital fund such as a seed fund that owns startup shares directly. Growth 15 investors are likely gaining exposure to a portfolio of underlying private-equity partnerships, which in turn own companies.
CURRENT $23.6B REGULATORY AUM
Current public adviser data show Horsley Bridge Partners LLC with approximately $23.61 billion of regulatory AUM as of its June 17, 2026 adviser profile.
Approximately $23.59 billion is reported as discretionary assets.
The same adviser data indicate approximately $25.57 billion in private-fund gross asset value and 46 private funds.
This is a highly relevant platform metric because it demonstrates that Horsley Bridge is managing a substantial institutional private-markets platform.
However, these figures must never be substituted for Growth 15 fund size.
Growth 15's Form D says:
PLANNED AGGREGATE OFFERING: $475M.
AMOUNT SOLD AT INITIAL FILING: $0.
INVESTORS AT INITIAL FILING: 0.
HORSLEY BRIDGE PLATFORM REGULATORY AUM: approximately $23.61B.
These are four separate metrics.
GROWTH SERIES HISTORY
Growth 15 is part of a long-running Horsley Bridge fund series rather than the first use of the "Growth" strategy.
SEC records show prior Horsley Bridge Growth vehicles, including Growth 13 and Growth 14. Growth 14 and Growth 14-A filed in 2024 using the same New Montgomery Street address and substantially the same leadership structure.
Older SEC filings also show Horsley Bridge XII Growth Buyout vehicles and other legacy funds under earlier Montgomery Street office addresses.
This repeated naming sequence gives Growth 15 unusually strong historical continuity compared with a first-time fund. It is clearly part of an established product family rather than a newly invented brand.
That does not mean prior Growth funds and Growth 15 have identical allocations, returns or managers. Each vintage may invest in different underlying funds, commitment years, geographies and strategies.
HORSLEY BRIDGE VENTURE 16 — PARALLEL 2026 FUNDRAISING
Growth 15 is not Horsley Bridge's only current 2026 fund launch.
In July 2026, Horsley Bridge Venture 16, L.P. and its feeder filed a separate Form D under the same San Francisco headquarters and similar management structure. The filing identifies Horsley Bridge Partners as managing general partner and names Du Chai, Lance Cottrill, Joshua Freeman and other current executives.
This demonstrates that the firm continues to raise distinct venture and growth/buyout product lines.
The existence of Venture 16 also helps clarify the strategy distinction:
Venture-series funds focus more heavily on early-stage venture managers.
Growth-series funds sit within Horsley Bridge's growth and buyout private-equity strategy.
Public documents do not provide a complete underlying-manager list for Growth 15, so investors should not assume that Venture 16 and Growth 15 share the same partnerships.
DU CHAI, LANCE COTTRILL AND INVESTMENT TEAM
The SEC filing names a broad group of current Horsley Bridge executives, and the firm's public team pages provide meaningful background.
Du Chai is a Managing Director who joined Horsley Bridge in 2011. Before joining the firm, he spent approximately ten years at Northwestern University's endowment, where he co-managed private-investment and real-assets portfolios. He holds an economics degree from Northwestern and an MBA from Kellogg.
Lance Cottrill, Joshua Freeman, Kathryn Mayne, Kathleen Murphy, Yi Sun and other executives also appear repeatedly across Horsley Bridge's SEC fund filings.
This continuity is important because fund-of-funds investing depends heavily on manager selection, access, portfolio construction and relationships with underlying GPs. Horsley Bridge's stated competitive advantage is based largely on decades-long relationships with private-equity and venture managers rather than on operating companies directly.
FUND-OF-FUNDS MODEL — WHY IT MATTERS
A fund-of-funds introduces a different risk and fee structure from direct private equity.
Growth 15 is expected to allocate investor capital across underlying investment partnerships. Those underlying partnerships can then invest in dozens or hundreds of companies.
This can provide significant diversification by manager, sector, vintage year and company.
It can also create layered economics.
Growth 15 investors may bear costs at the Horsley Bridge fund level while underlying managers separately charge their own management fees and carried interest. The actual net effect depends on Growth 15's partnership agreement and fee terms.
The Form D does not disclose these fees.
Investors should therefore request:
Horsley Bridge management fee.
Carried interest or incentive allocation.
Underlying fund fee assumptions.
Organizational expense caps.
Commitment pacing.
Recycling provisions.
Cash-management policies.
Underlying-manager concentration limits.
Expected number of underlying partnerships.
Co-investment authority.
Currency exposure.
NAV methodology.
Secondary-market policy.
The fund-of-funds structure can reduce single-company concentration but does not eliminate private-market risk.
3(C)(1) AND 3(C)(7) COMBINATION
The September filing checks both Section 3(c)(1) and Section 3(c)(7).
That might look unusual if interpreted as one legal vehicle claiming two mutually interchangeable investor regimes, but the filing covers multiple issuers and a feeder structure.
The combined Growth 15 architecture may use separate entities for different investor eligibility profiles or structural needs.
A 3(c)(1) private fund generally operates within an ownership-number limitation, while a 3(c)(7) structure generally relies on qualified purchasers.
The public filing does not break down exactly which exemption applies to every feeder or parallel entity, so investors should verify this in the governing documents rather than assuming each vehicle relies simultaneously on both in exactly the same manner.
RULE 506(B) AND PRIVATE OFFERING
The issuers rely on Rule 506(b).
Unlike Rule 506(c), 506(b) generally does not permit broad general solicitation.
The September filing reports no placement agent, broker-dealer, sales commissions or finder fees.
It also reports a $0 minimum-investment field.
The $0 figure should not be interpreted as meaning investors can subscribe without a meaningful commitment. Institutional private-equity funds typically establish commitment minimums and eligibility criteria in subscription materials that may differ from the Form D field.
Horsley Bridge's Form ADV indicates that the firm's client base consists primarily of pooled investment vehicles and institutional clients, including pension and profit-sharing plans.
UNDERLYING MANAGER SELECTION
The central investment question for Growth 15 is not which individual companies it owns today but which private-equity managers it will select.
Horsley Bridge's official strategy emphasizes concentrated portfolios of carefully selected private-equity partnerships rather than broad index-like fund exposure.
This creates meaningful manager-selection risk.
If Horsley Bridge gains access to high-performing venture or growth managers, the structure can provide LPs with exposure that might otherwise be difficult to obtain.
But access does not guarantee future returns.
Private-equity fund performance can vary dramatically by vintage, manager, sector and entry valuation. A historically successful manager can underperform in a later fund.
Growth 15 investors should therefore ask for the anticipated manager roster, target number of partnerships, commitment concentration and historical performance attribution by underlying manager.
LIQUIDITY AND J-CURVE RISK
Fund-of-funds investors also face long liquidity horizons.
Growth 15's commitments are likely to be drawn over several years as underlying funds issue capital calls.
Those underlying funds may take years to deploy capital and even longer to realize investments.
As a result, early returns can be negative because management fees and operating expenses occur before exits and distributions. This is the classic private-equity J-curve.
A fund-of-funds can extend the effective duration because investors are one layer removed from portfolio-company exits.
Investors should understand expected investment period, fund term, extension rights and distribution pacing before committing.
VALUATION TRANSPARENCY
The Form D declines to disclose aggregate NAV.
That is not unusual for a new private fund whose first sale had not yet occurred.
Once the fund is invested, valuations will depend heavily on underlying fund NAV reports rather than continuously traded market prices.
This creates valuation lag.
During periods of rapid public-market repricing, private-fund NAVs may adjust more slowly because underlying GPs update valuations quarterly and use methodologies based on transactions, comparable companies and discounted cash flows.
Investors should therefore understand how Horsley Bridge consolidates and reports underlying fund valuations.
REGULATORY AND ORGANIZATIONAL FOOTPRINT
Horsley Bridge Partners LLC is an SEC-registered investment adviser, CRD 110877 and SEC File No. 801-54099. SEC records show registration dating back to 1997.
California corporate records also show Horsley Bridge Partners LLC as an active entity dating to April 1997, with Du Chai, Joshua Freeman, Kathleen Murphy, Lance Cottrill and Yi Sun listed among current managers.
This regulatory and corporate history creates a much deeper verification trail than is available for newly created fund sponsors.
Again, SEC adviser registration does not constitute approval of Growth 15 or verification of investment performance.
DUE DILIGENCE QUESTIONS
Prospective investors should request the Growth 15 limited partnership agreement, private placement memorandum, subscription documents, side-letter policy and current target manager list.
Important questions include:
How is the $475M allocated among Growth 15, Growth 15-A and the feeder
What investor type is intended for each parallel vehicle
Which entities rely on 3(c)(1) and which on 3(c)(7)
What is the actual LP commitment minimum
How many underlying funds are expected
What percentage may be invested in venture versus growth buyout
What geographic exposure is permitted
What are the management fee and carry
Are underlying manager fees layered on top
How much capital can be reserved for follow-ons or co-investments
Does Horsley Bridge buy secondaries
How are foreign-currency exposures handled
What is the expected fund term
What historical Growth-series returns are being presented to investors
Are prior-fund returns net of both underlying and Horsley Bridge-level fees
These points are more important to an LP than simply knowing that the sponsor manages $23.6 billion.
FINAL ASSESSMENT
Horsley Bridge Growth 15 is one of the more institutionally established vehicles in this FilingDossier batch.
SEC EDGAR confirms a $475 million aggregate offering across Growth 15, Growth 15-A and a feeder structure, with Horsley Bridge Partners LLC acting as Managing General Partner and a substantial group of long-standing senior executives named in the filing. As of September 15, 2026, the offering had not yet completed its first sale and reported $0 sold and zero investors.
The broader manager is highly traceable. Horsley Bridge's official website says the firm has invested in private-equity partnerships since 1983, while current adviser records report approximately $23.61 billion of regulatory AUM and dozens of private funds.
The primary investment questions therefore concern economics, manager selection and fund structure rather than sponsor identity.
Investors should distinguish carefully among three concepts:
$475M = Growth 15 combined planned offering.
$0 = amount sold as of the initial Form D.
$23.61B = Horsley Bridge Partners platform regulatory AUM.
None should be substituted for another.
A Form D confirms an exempt securities offering. It does not constitute SEC approval, verification of future returns or endorsement of Horsley Bridge Growth 15, Horsley Bridge Partners or any underlying private-equity manager.
SEC SNAPSHOT
PRIMARY ISSUER: Horsley Bridge Growth 15, L.P. | CIK: 0002154766 | SEC FILE NO.: 021-597529 | FORM D: New Notice | FILED / EFFECTIVE: September 15, 2026
PARALLEL ISSUER: Horsley Bridge Growth 15-A, L.P. | CIK: 0002154770 | SEC FILE NO.: 021-597529-01
FEEDER: Horsley Bridge Growth 15 Feeder, L.P. | ROLE: Feeder fund of Growth 15-A according to Form D clarification.
ENTITY: Delaware Limited Partnerships | FORMATION YEAR: 2026 | PRINCIPAL ADDRESS: 140 New Montgomery Street, Floor 16, San Francisco, CA 94105 | PHONE: 415-986-7733
INDUSTRY: Pooled Investment Fund — Other Investment Fund | EXEMPTION: Regulation D Rule 506(b) | INVESTMENT COMPANY ACT: Section 3(c)(1) and Section 3(c)(7) across the combined filing structure | REGISTERED INVESTMENT COMPANY: No
FIRST SALE: Yet to occur at initial filing | OFFERING DURATION: One year or less | AGGREGATE OFFERING: $475,000,000 | AMOUNT SOLD: $0 | REMAINING: $475,000,000 | INVESTORS: 0 | FORM D MINIMUM INVESTMENT: $0 | SALES COMMISSIONS: $0 | FINDER FEES: $0 | NAV: Declined to disclose
MANAGING GENERAL PARTNER: Horsley Bridge Partners LLC | SPECIAL GP — GROWTH 15: HB Growth 15, LLC | SPECIAL GP — GROWTH 15-A: HB Growth 15-A, LLC
RELATED PERSONS: Du Chai | Lance Cottrill | Joshua Freeman | Yi Sun | Kathryn Mayne | Kathleen Murphy | Clara Vu | Jon Roller
FORM D SIGNATORY: Kathleen Murphy — Manager of the Managing General Partner
SPONSOR: Horsley Bridge Partners LLC | WEBSITE: horsleybridge.com | CRD: 110877 | SEC FILE NO.: 801-54099 | SEC-REGISTERED SINCE: 1997
PLATFORM HISTORY: Horsley Bridge states it has invested in private-equity funds since 1983.
CURRENT REGULATORY AUM: Approximately $23.61 billion | DISCRETIONARY AUM: Approximately $23.59 billion | PRIVATE FUND GAV: Approximately $25.57 billion | PRIVATE FUNDS: Approximately 46 according to June 2026 adviser-derived data. THESE ARE HORSLEY BRIDGE PLATFORM FIGURES, NOT GROWTH 15 FUNDRAISING.
PUBLIC STRATEGY: Fund-of-funds / private-equity partnership investing | VENTURE FOCUS: Seed and early-stage technology managers | GROWTH / BUYOUT FOCUS: Smaller and differentiated buyout managers with active ownership and growth orientation | GEOGRAPHIC REACH: U.S., Europe, Asia and other international markets.
RELATED PRIOR SERIES: Horsley Bridge Growth 13 | Growth 14 / Growth 14-A | earlier Growth Buyout vehicles | Horsley Bridge Venture 14 | Venture 16 and other vintage funds.
IMPORTANT OFFERING NOTE: The $475M total is explicitly aggregated across Growth 15, Growth 15-A and Growth 15 Feeder. It should not be described as capital already raised or as the standalone size of only one legal issuer.
INDEPENDENT VERIFICATION NOTE: SEC EDGAR directly confirms the issuers, $475M aggregate target, $0 sold, zero investors, Rule 506(b), pooled-fund classification, feeder structure, GP entities and related executives. Horsley Bridge's official website independently confirms the firm's 1983 history, fund-of-funds strategy, venture/growth-buyout focus and global reach. Current adviser records independently support approximately $23.61B in firm-level regulatory AUM.
PRIMARY SOURCES: SEC EDGAR Form D, Accession No. 0002154766-26-000002; Horsley Bridge Partners official website and team pages; Horsley Bridge Partners Form ADV / adviser records; prior SEC filings for Growth 13, Growth 14 and Venture 16.
Form D is an exempt-offering notice and is not an SEC-issued certificate, approval or endorsement.