At a time when top-tier venture firms are raising smaller funds, a venture capital fund-of-funds is growing larger with its latest investment vehicle.
San Francisco-based Paul Capital Partners has closed its latest fund-of-funds with $620 million.
The fund had a target of $500 million, with a cap of $600 million, according to regulatory filings.
The new FoF, Paul Capital Top Tier Investments III, will make primary and secondary investments in venture funds with a special focus on health care, technology and other growth sectors, including “venture capital groups that have a more sector specific strategy.”
Paul Capital says it raised the fund from “a diverse group of institutional investors.” Limited partners in the FoF include BP Pension Fund; the U.K.-based Coal Pension Securities Trust; the CPP Investment Board, which invested $180 million and the Ohio Public Employees Retirement System.
LPs in past Paul Capital funds include BancBoston Investments, E.I. du Pont de Nemours & Co., the Howard Hughes Medical Institute, Rice University and St. Paul’s School. Inglewood, Calif.-based Process Management Group served as a placement agent for the fund.
Paul Capital’s previous FoF, Paul Capital Top Tier Investments II, closed in 2001 with $500 million.