US-based VC firm Top Tier Capital sets up dedicated European fund of funds; nearly €260 million raised

US-based VC firm Top Tier Capital sets up dedicated European fund of funds; nearly €260 million raised

San Francisco-based Top Tier Capital Partners has closed on $310 million, or roughly €260 million, in new capital, which will be dedicated entirely to Europe with support from UK government-backed BBI as an LP.

The firm, which already built close ties with the likes of Accel, Creandum, Felix Capital, Balderton, Project A, Index Ventures and LocalGlobe in these parts since it started making investments in Europe back in 2005, says it's closed the new dedicated vehicle on the heels of a recent $1.2 billion raise for its US-based family of funds.

Based out of Luxembourg, the fresh fund will focus almost entirely on European funds (and startups) with some investments in Israel, the firm said, adding that it also aims to invest in 'strategic secondaries' and co-investments.

Overall, Top Tier has investments in more than 350 funds worldwide, but it believes in Europe's potential to generate significant returns in the future.

From the press release:

"TTCP believes Europe remains an underserved venture market and represents a significant investment opportunity. As an established Silicon Valley firm coming to Europe, managers in the region value TTCP’s experience and expertise. While many of the Valley’s top firms have opened outposts in Europe in recent years, there are still very few dedicated capital pools for European venture. With successful past investments such as Accel, Creandum, and Medicxi, TTCP is well-established in the region, and is a direct investor in a handful of strategic European companies as well."

"We believe strongly in the potential of the European venture capital market," commented Jessica Archibald, Managing Director at the firm. "We previously opened an office in London to demonstrate our commitment to the region, and we continue to see high rates of innovation and increasing amounts of overall capital and liquidity."

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