Paul Capital closes fourth fund

US-headquartered fund-of-funds manager Paul Capital has closed its fourth fund on target at US$455m.

The fund, called Paul Capital Top Tier Investments IV, was backed by 19 investors, including Coal Pension Trustees Services, Florida Retirement System Trust Fund and Ohio Public Employees Retirement System.

It was launched in April 2007 and followed a US$626m fund raised in 2005.