
Top Tier Capital closes European fund on €260m
US-based venture capital firm Top Tier Capital Partners (TTCP) has closed its Europe-dedicated investment fund-of-funds on nearly €260m, exceeding its target of €250m.
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.
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater