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British Business Investments commits up to €100m to Top Tier Capital Partners’ first vehicle dedicated to European Venture Capital

Press release 04 September 2019

British Business Investments, a commercial subsidiary of the British Business Bank, has made its first cornerstone commitment through its £500m Managed Funds Programme.

The €100m commitment is being made to the first European fund of funds to be launched by Top Tier Capital Partners LLC (TTCP). Investments from the fund will be targeted at the technology and healthcare sectors. TTCP is a venture capital specialist headquartered in San Francisco. In 2018, it expanded its operations in Europe by opening an office in London.

The Managed Funds Programme seeks to draw in more institutional capital to the UK venture and growth capital markets and increase access to longer-term patient capital for ambitious and innovative, high potential companies. It expects to generate a commercial rate of return from a diversified portfolio of underlying fund and company investments, which will be selected and managed by experienced alternative asset managers.

Top Tier Capital Partners has built a successful 20-year track record from investing in venture capital funds. This first commitment from the British Business Investments Managed Funds Programme provides a new pool of capital for the UK’s venture capital market, brings additional talent and expertise to the UK VC ecosystem and will increase access to patient capital. Catherine Lewis La Torre CEO of British Business Investments
In Europe we believe the venture capital market is attractive. We see high rates of innovation, appropriate levels of capital and increasing amounts of liquidity which has led TTCP to open an office in London in order to be closer to the activity and to invest more into Europe. Top Tier Capital Partners

Launched in 2018, the Managed Funds Programme forms part of the Government’s response to the Patient Capital Review and, alongside British Patient Capital, is designed to address the patient capital funding gap in the UK.

The UK is a global business leader – creating more start-ups and attracting more venture capital funding than any other European country. We want to build on that record which is why we have invested billions of pounds into the British Business Bank to support our innovative and ambitious companies.

It is great to see today’s announcement of support for some of our most innovative sectors, including technology and healthcare. This will help to further the UK’s reputation as one of the best places in the world to do business.

Exchequer Secretary Simon Clarke Occupation / Organization

Further Information

Notes to editors

About British Business Investments

British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.

British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at bbinv.co.uk.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

The funding from British Business Investments into Top Tier Capital Partners, LLC (TTCP) does not amount to any endorsement or warranty from British Business Investments, the British Business Bank PLC, or the government of the UK.

About Top Tier Capital Partners

Top Tier Capital Partners, LLC (TTCP) is a venture capital specialist managing niche-focused funds of funds. We make primary and secondary investments in venture capital funds and co-invest in select portfolio companies. Our team creates diverse portfolios that are built to spot emerging trends early and to deliver optimal venture returns.

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