Top Tier Capital lands $1.05B to invest in funds and startups

Despite the mixed recent news on inflation, capital’s still flowing healthily into Silicon Valley. Case in point, Top Tier Capital, the San Francisco-based VC and private equity firm, today announced that it raised $1.05 billion more to invest with global venture funds and tech companies.

Speaking to TechCrunch via email, Top Tier managing partner David York said the new capital — which includes Top Tier’s Fund X, single-investor funds and separate accounts — will emphasize investments in Europe, the Middle East and Asia.

“We have enormous confidence in the continued growth of technology globally, as well as our future investment activities,” York said in a statement. “The strongest companies are often built in uncertain markets, and the digital economy has continued to grow as part of global GDP overall. We see an opportunity here to build our firm for the future, as we remain focused on trying to invest as one of the stronger venture franchises in the business.”

Top Tier, which was founded in 2011 by Philip Paul, who spun the company out of Paul Capital, makes investments primarily in VC funds but also in startups alongside select managers (in the form of direct secondary and co-investments). The firm has a portfolio of around 400 fund interests including Andreessen Horowitz, Mayfield Ventures, Creandum and others, and exposure to more than 16,000 venture-backed companies spanning sectors like biotechnology, software-as-a-service software, web3 and AI.

Since its founding, Top Tier — which has partners in San Francisco, Boston and London — has raised approximately $3.7 billion in capital from investors across 12 funds and has more than $8 billion in assets under management. The firm’s exits include corporate performance management platform Anaplan, cybersecurity upstart Carbon Black and cloud app management company Engine Yard.

Some of Top Tier’s more recent startup bets include Plus One, which is building parcel robotics vision systems; Paro, a marketplace to match freelance financial experts with firms; and Humane, the company behind the AI-powered wearable the Ai Pin.

Coinciding with the announcement of the new capital, Top Tier said that it’s bringing on Jonathan Biggs, formerly an SVB Capital managing partner in London, as a investment partner. He’ll remain in London, where he’s based — as will Top Tier’s Michelle Ashworth, who’s been promoted to a partner with Biggs’ hiring.

“We know that the current market is different, and we also recognize that innovation is constant,” Jessica Archibald, Top Tier’s managing director, said in a press release. “We believe the companies powering our future are being built today, and we think our firm’s deep industry expertise and longstanding relationships make us a uniquely valuable investing partner.”