LPs

Top Tier’s chief of secondaries, Townsend, leaves firm

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Top Tier, Dan Townsend, private equity, New 2nd Capital
Buyouts archive photo of Dan Townsend.
  • Dan Townsend left Top Tier recently
  • Led secondaries, co-investments at the firm
  • Why Townsend left and his plans are unclear

Dan Townsend, managing director at Top Tier Capital Partners, has left the firm, according to a person with knowledge of the situation.

Townsend is no longer listed on Top Tier’s website. An email to his Top Tier address produced a bounce-back saying he is no longer with the firm.

David York, chief executive and managing director, did not return an email seeking comment.

It’s unclear why Townsend left or whether he is taking a job elsewhere.

Townsend led Top Tier’s secondaries and co-investment practice. He joined the firm in 2007, according to his biography on an archived version of Top Tier’s website.

Prior to Top Tier, Townsend spent nine years at GE Asset Management, responsible for building a portfolio of LP interests and co-investments, his bio said.

Top Tier was formed out of Paul Capital as the secondary firm’s fund-of-funds group. In 2006, Paul Capital and the Bank of Ireland formed a joint venture called Paul Capital Investments, a management company for the funds-of-funds business, according to Top Tier’s Form ADV.

Paul Capital and the Bank of Ireland sold their shares in Paul Capital Investments in 2011 as part of a management change in control, which also resulted in the firm’s name changing to Top Tier, the Form ADV said.

Action Item: Top Tier’s Form ADV: https://adviserinfo.sec.gov/IAPD/Part2Brochures.aspx?ORG_PK=144546

Buyouts archive photo