Top Tier Capital closes European fund on €260m

Alessia Argentieri
17 May 2021

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US-based venture capital firm Top Tier Capital Partners (TTCP) has closed its Europe-dedicated investment fund-of-funds on nearly тЌ260m, exceeding its target of тЌ250m.

Top Tier has been investing in European venture capital since 2005, but this Luxembourg-based investment fund is its first vehicle dedicated to the region.

"The European fund is a strategic part of our global investment strategy and part of the overall maturation of the business from a partner-driven firm to an investment institution," said David York, managing director at Top Tier. "We're looking forward to deepening our partnerships in Europe and Israel, which will also help inform our velocity investing outside of the US."

Top Tier is a venture capital firm based in San Francisco, which specialises in managing niche funds-of-funds. The firm has committed nearly $6bn to around 350 funds since 2002.

The firm has recently raised around $1.2bn for its vehicles Top Tier Venture Capital IX, Top Tier Venture Velocity Fund 3 and related separate accounts.

Top Tier opened an office in London in 2019 to support the expansion of its European investment strategy.

Debevoise & Plimpton advised Top Tier in the fundraising of its Europe-dedicated fund.

Investors
The fund has built a wide base of LPs, including British Business Investments, which made a €100m commitment to the fund in 2019, strategically aimed at addressing the technology funding gap in the UK.

Investments
The fund focuses almost entirely on European funds with some investments in Israel, and seeks to invest broadly across the region, including in niche-focused venture funds and high-growth, expansion-stage technology startups. The fund will also invest in strategic secondaries and co-investments.