Top Tier Capital Partners, a niche fund of funds manager, is back in market with its sophomore dedicated secondaries vehicle focusing on venture capital investments, Secondaries Investor has learned.
The San Francisco-headquartered firm is seeking as much as $250 million for Top Tier Venture Velocity Fund II, according to a source familiar with the fundraising.
The firm’s debut dedicated secondaries vehicle has raised $189.6 million out of a $200 million target, according to PEI data. Limited partners who committed to this debut fund include New Hampshire Retirement System (NHRS), which invested $20 million.
NHRS has also re-upped in Top Tier Venture Velocity Fund II with a $25 million commitment, a spokesman for the pension confirmed, adding the fund invest in VC fund secondaries, direct secondaries and co-investments.
Top Tier was formed in 2011 via a management-led buyout of Paul Capital’s fund of funds business, Paul Capital Investments. The firm’s most recent fund of funds is its 2014-vintage Top Tier Venture Capital VII, which has raised $402 million out of a $404 million target, PEI data show.
The firm has $5.2 billion in assets under management, according to PEI data. Its investors include public and private pensions, sovereign wealth funds, foundations, endowments and family offices, according to its website.
– Karina Zinkiewicz contributed to this report.