Return to search

Top Tier reaches $400m target for latest VC FoF

Top Tier Venture Capital VII will invest in secondaries alongside the firm’s debut dedicated secondaries and co-investment fund.

Top Tier Capital Partners has reached its $400 million target for its seventh venture capital fund of funds, according to documents filed with the US Securities and Exchange Commission on Tuesday.

Top Tier Venture Capital VII recently collected $200.4 million in a separate vehicle, known as fund ‘B’. It had previously collected $202 million for the main fund.  Together the two vehicles include a general partner commitment of an undisclosed amount and bring the fund to its target.

It is unclear if the fund has closed and the firm declined to comment.

Top Tier makes investments in primary and secondaries venture capital funds, as well as co-investments. The firm makes secondaries investments on a pro rata basis, deploying capital from Fund VII as well as its debut secondaries and co-investment fund, Top Tier Venture Velocity Fund, which launched last year with a $200 million target.

Between 10 percent and 20 percent of Fund VII could be deployed in secondaries, which is in line with Palico’s recent research that non-secondaries focused fund of funds allocate 20 percent of their capital to the strategy.

Top Tier typically acquires single fund interests on the secondaries market and some of its deals can be as small as $1 million or $2 million.

The firm is based in San Francisco and was spun out of Paul Capital in 2011. It is led by chief executive officer David York and non-executive chairman Philip Paul, according to its website.