Paul Capital has met the $455 million target for its fourth private equity fund-of-funds, according to an SEC filing. The vehicle, called Paul Capital Top Tier investments IV LP, was formed in April of 2007. Its prior fund-of-funds is a 2005 vintage with $626 in commitments.
That $455 million comes from 19 investors, including Coal Pension Trustees Services, Florida Retirement System Trust Fund and Ohio Public Employees Retirement System.
The filing describes the business as “Venture capital investment partnership,” although the firm’s website states that that includes small cap buyout funds as well. The fund also makes co-investments.
The firm has been on a hiring spree lately, staffing up its secondaries team. In December, the firm hired Sabina Sammartino and promoted Elizabeth Coleon and Guillaume Partiot on its secondaries team. In June 2008, the firm brought consultant Duncan Littlejohn on its secondaries team full time and hired Lucian Wu to head it’s Asia office.
The hiring makes sense since the firm closed its largest ever secondary fund—a $1.65 billion pool—in May of 2008. That fund brought the firm’s total secondary funds under management to $4.2 billion.
Paul Capital is based in New York and San Francisco, with offices in London, Paris, Sao Paolo and Hong Kong. The firm did not return calls.