Private equity asset management firm Paul Capital Investments has announced a management-led change in ownership, and will now be known as Top Tier Capital Partners. Both Paul Capital Advisors and the Bank of Ireland have sold their respective equity interests in the firm. Effective immediately, all business activity of the restructured firm will be undertaken using the new name. Top Tier Capital Partners’ management will continue running day-to-day operations. And in the near term, Top Tier Capital Partners will co-locate with Paul Capital Investments and share certain back-office functions, the firm said in a statement.
Paul Capital Investments (PCI), a private equity asset management firm
established by Paul Capital Advisors and the Bank of Ireland, today announced a
change in ownership and brand identity. The firm’s new name is Top Tier Capital
Partners (TTCP). The new name not only reflects the legacy of its investment
funds series, the Top Tier family of venture capital funds of funds, but also
signals the firm’s progression to a majority employee-owned firm.
As part of the management-led change in ownership, the Bank of Ireland and Paul
Capital Advisors have sold their respective equity interests in TTCP. This
ownership transition continues the evolution that began in 2006, when PCI was
organized as a separate business entity to run Paul Capital Advisor’s fund of
funds business. The timing of the current transaction was prompted in part by the
Bank of Ireland’s commitment to EU regulators to focus on its core banking
activities by selling all of its non-core asset management businesses.
Effective immediately, all business activity of the restructured firm will be
undertaken using the new name. Top Tier Capital Partners’ management will
continue to run day-to-day operations of the business. In the near term, Top Tier
Capital Partners will co-locate with Paul Capital Advisors and share certain back-
office functions. David York, Managing Director of TTCP, said, “The
relationship between TTCP and Paul Capital Advisors remains strong and our
teams will continue to work together and share deal flow. Philip Paul, the founder
of Paul Capital Advisors, will be Chairman Emeritus of Paul Capital Advisors as
well as Managing Director and Chairman of Top Tier Capital Partners.”
Two parties with long-term, close ties to TTCP management are investing in the
firm alongside the team’s own new investment in the company. They are
investment vehicles associated with the Shea and Hambrecht/Eu families. “We
invested with Top Tier Capital Partners based on our successful relationship with
David and the team over many years. We are excited to play a role in this next
chapter of TTCP and we are very optimistic about the firm’s continued success,”
said John Morrissey, Managing Director of Shea Ventures.
Along with the name change, TTCP has updated its brand identity, including
changes to its website at www.toptiercp.com.
About Top Tier Capital Partners
Top Tier Capital Partners LLC is a private equity asset management firm
managing niche-focused funds of funds and co-investment opportunities. Based in
San Francisco, the firm’s history can be traced to 1991, when Philip Paul formed
Paul Capital Advisors. The venture capital-focused Top Tier fund of funds
practice was launched in 1999 and since then the team has raised approximately
$2 billion from investors.
About Paul Capital Advisors
Paul Capital Advisors is a global private equity firm with over 80 employees, and six offices in Hong Kong, London, New York, Paris, San Francisco, and São Paulo. Founded in 1991, the firm is recognized as an industry innovator and manages approximately US$5.9 billion across two distinct investment platforms: private equity secondaries and healthcare royalty / revenue interest acquisition funds. The Paul Capital Advisors management company continues to be 100% owned by individual partners of the firm.
Correction: A prior version of this story misidentified Paul Capital Investments.