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Top Tier boosts AUM past $8bn with new fund close

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Top Tier Capital Partners has boosted its assets under management to $8.1bn thanks to a new fund close.

The fund of funds specialist has closed Velocity Fund 4 on $925m to focus on late-stage climate tech co-investments.

The main VVF4 has collected $503.5m to invest directly into companies as either a co-investor or secondary buyer as well as buying venture capital fund interests in the secondary market.

The Velocity program invests in venture capital fund secondaries, general partner restructurings, continuation funds, portfolio strip purchases, direct co-investment, secondary activity and tender offerings.

The remaining $421m will be invested from separate accounts alongside the Velocity program.

Garth Timoll Sr., managing director at Top Tier Capital Partners, said, “We’re humbled by the opportunity to continue to invest in the Velocity strategy, and proud of the franchise we’ve built.

“Despite the difficult environment, we are excited about having closed a new fund and we believe that our Venture Velocity strategy is still an attractive place for Top Tier to invest for the long and short-term.”

Sean Engel, managing director at Top Tier Capital Partners, added, “In the current environment, we believe it’s both financially strategic and morally important to work on increasing our investing in climate-focused initiatives.

“Our history with our Venture Velocity investment strategy across prior funds enables us to do this, and we’re pleased to be in a position where we can help directly support companies tackling one of the biggest problems of our time.”

TTCP invests primarily in venture funds and high-growth, expansion-stage software and technology startups. Its portfolio companies include Anaplan, Draftkings and Smartsheet.

The firm hit a target-beating final close for a new European investment fund on €260m last year.

It  closed on almost $1.2bn last February across its flagship VC fund of funds Top Tier Venture Capital IX, its third Velocity fund targeting secondaries and co-investment deals, and a series of separate accounts.

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