Venture capital specialists.

Our experience and longevity give us a valuable and time-tested perspective on this complex industry. We have lived through boom and bust cycles, and we are a committed venture capital investor.

Thought leaders.

As well-networked, data-driven leaders in this niche industry, we can spot emerging trends—and new managers—early.

True partners.

We work collaboratively and transparently, often sharing information to help our investors achieve superior venture-capital returns and enhance their allocation to the private equity asset class.

A cohesive team.

Our culture is one of hard work, creativity and true teamwork. All of us work together seeking to deliver superior returns and exceptional client service.

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.

Our value-add lies in our experience, deep networks, industry insights and superior client service. We work collaboratively with our investors to help them build their private equity investment programs, and we partner closely with our managers to offer thoughtful, hands-on counsel. Our team has extensive experience in deal sourcing, due diligence, performance analysis, legal terms negotiation, investment monitoring and reporting. We seek long-lasting, open relationships that begin, not end, with the investment.

The private equity marketplace—in particular the niche world of venture capital—is a complex sector that requires seasoned hands to navigate. Top Tier’s experienced professionals have the skills, personal networks and judgment to locate the highest-quality and most creative opportunities.

Our team focuses on venture capital and growth capital by making primary investments with proven managers. We also make targeted secondary purchases and co-investments with proven managers where our team has experience and first hand information. Through these diversified programs, we seek to give our investors a portfolio that is superior to what might otherwise be available to them.

We strive to maintain an extremely high level of interaction with our investors. We seek to align our interests with those of our investors and firmly believe that our role is not only to share information about the portfolios we are building, but also to share insights about key industry developments and trends.

Our investors include public and private pensions, sovereign wealth funds, foundations, endowments and family offices, each of whom has distinct investment objectives.

Top Tier Capital Partners maintains a robust compliance program to meet its fiduciary duties to its client funds and their underlying investors and to ensure adherence to applicable regulations. The firm is registered as an investment adviser with the SEC.

For more information on our SEC registration and disclosures, click here.

Top Tier Capital Partners grew out of the fund of funds practice that began in 1999 at Paul Capital. In April 2011, a management-led change in ownership created a new firm based in San Francisco.

The Top Tier name reflects the achievements of our established series of investment funds—the Top Tier family of venture capital funds of funds—which has raised more than $2.5 billion from investors since inception. The name also reflects our dedication to consistently remain a cut above.

quotation mark Investment fads come and go. But one constant in this industry is fundamental innovation that disrupts established industries and creates new wealth. That’s why at Top Tier, we are committed to venture capital for the long term. quotation mark
LISA EDGAR, TOP TIER MANAGING DIRECTOR

David A. York

CEO & Managing Director

Lisa Edgar

Managing Director

Philip S. Paul

Non-Executive Chairman

Dan Townsend

Managing Director

Jessica Archibald

Managing Director

Garth A.L. Timoll

Principal

Sean Engel

Associate

Arianna Merrill

Senior Analyst

Clare Canale

Marketing Manager

Melissa Schmidt

Investor Relations Associate

Sean Warren

Managing Director - Operations

Shanshan Li

Controller

Susan Liang

Senior Accountant

Catherine Nguyen

Senior Accountant

Jeff Watts

Chief Business Development Officer

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David A. York

CEO & Managing Director

David is the chief executive and a managing director of Top Tier responsible for the management, development and growth of the firm’s fund of funds and co-investment offerings. Beginning in 2000, he led the fund of funds team at Paul Capital, developing an extensive network of relationships with private equity fund managers. He serves on the fund advisory committees of 10 venture capital firms and has extensive operational experience, having founded and managed four different trading desks on Wall Street. David’s Wall Street career spans two decades, including posts at Chase H&Q, Volpe Welty & Co. and Drexel Burnham Lambert. He began his career as an executive consultant at Paine Webber. Mr. York received his B.S.E. in industrial and systems engineering from the University of Southern California.

Lisa Edgar

Managing Director

Lisa is a Top Tier managing director focused on all aspects of portfolio construction, manager selection, due diligence and investment monitoring. She currently serves on the advisory committees of 9 venture capital firms. Before joining predecessor firm Paul Capital in 2003, Lisa was part of the asset management team at WR Hambrecht + Co that focused on new and emerging private equity funds. Before that, she spent 10 years at Horsley Bridge Partners. Lisa began her career as an analyst at the Federal Reserve Bank of San Francisco. She received a B.S. in applied economics from the University of San Francisco and an M.B.A. from the University of California, Berkeley.

Philip S. Paul

Non-Executive Chairman

Philip Paul, who founded Paul Capital in 1991, serves as non-executive chairman of Top Tier, providing strategic advice and direction to the firm. Phil has more than 30 years of private equity experience, having served on more than 30 VC-based boards of directors. From 1983 to 1990 he was chairman and CEO of Hillman Ventures, Inc., one of the most active private equity investors in the 1970s and 80s. During his tenure at Hillman Ventures, Phil was a founding investor in several venture capital funds, including those raised by Kleiner Perkins Caulfield & Byers; TA Associates; U.S. Venture Partners; Mohr, Davidow Ventures; and New Enterprise Associates. He was active with many of these private equity managers before they actually formed the funds for which they are well known today. Phil also was involved with direct investments in life science and technology companies such as Genentech, Hybritech, Pyxis, Tandem Computers, Teradata, Symantec and Read-Rite. Phil holds a B.A. from Stanford University, a J.D. from Southwestern University and a certificate in International Law from the Parker School at Columbia University.

Dan Townsend

Managing Director

Dan is a Top Tier managing director who leads Top Tier Capital Partner’s secondary and co-investment efforts. He serves on the fund advisory committees for three venture capital firms. Before joining the Top Tier team in 2007, Dan spent nine years investing private equity money at GE Asset Management for the company’s U.S. pension trust and external institutional clients. In that role, he was responsible for building out a portfolio of more than $500 million with limited partnership investments and co-investments. Dan moved to GEAM after an eight-year operating career in three divisions of the company: General Electric Lighting Systems; National Broadcasting Company; and GE Trading Company. Dan has a B.S. in mechanical engineering from Clemson University and an M.B.A. from Columbia Business School.

Jessica Archibald

Managing Director

Jessica is a managing director at Top Tier, focused on all aspects of portfolio construction, manager selection, due diligence and investment monitoring. She is also integral part of the firm’s fundraising team. Jessica serves on the fund advisory committees for seven venture capital firms. Before joining predecessor firm Paul Capital in 2005, she was part of the investment team at Care Capital LLC, a venture capital firm specializing in biotechnology. Before that she spent five years in equity research at Salomon Smith Barney, covering the financial services industry, including small regional banks and savings & loans. Jessica is a graduate of Connecticut College with a B.A. in mathematics and economics. She also earned an M.B.A. from New York University’s Stern School of Business. She is an active competitive rower and is a previous member of the rowing teams at Connecticut College and the New York Athletic Club, where she was a nine-time national champion.

Garth A.L. Timoll

Principal

Garth is a principal at Top Tier focused on investment due diligence, monitoring, and reporting. He also serves on the fund advisory committees for four venture capital firms. Before joining predecessor firm Paul Capital in 2009, he was a vice president at Portfolio Advisors, where he focused on primary investments in venture capital, leveraged buyout and special-situation funds and served as a supporting member of the firm’s investment committee. Before that, Garth spent four years at Fairview Capital Partners, a Connecticut-based fund of funds. Before attending business school, he was an associate director in the U.S. Equity Research Department at RogersCasey. While attending business school, Garth completed private equity internships at the Cornell University Investment Office, Camden Partners and Montagu Newhall Associates. He received his undergraduate degree in psychology with a minor in economics from Bates College as a Benjamin E. Mays Scholar. He received his M.B.A. from the Johnson Graduate School of Management at Cornell University as a Robert A. Toigo Fellow and a Christopher T. Emmet Scholar.

Sean Engel

Associate

Sean is an associate at Top Tier, focused on market and industry research, due diligence, investment monitoring, reporting, and business development. Prior to joining predecessor firm Paul Capital Investments in 2010, he earned a B.A. in political science from the University of California at Berkeley. While at Berkeley, he was an Academic All Pac-10 varsity crew member, Varsity 8+ IRA National Champion in 2010, and a member of the Under-23 National Rowing Team in 2009.

Arianna Merrill

Senior Analyst

Arianna is a senior analyst at Top Tier responsible for assisting the team with market and industry research, due diligence, investment monitoring, reporting and business development. Before joining predecessor firm Paul Capital in 2010, she spent time as an intern with Fetola Mmoho Consulting in South Africa. Arianna earned a B.A. in economics and government from Connecticut College, where she was a four-year varsity crew member.

Clare Canale

Marketing Manager

Clare is Top Tier’s marketing manager, responsible for producing the firm’s marketing materials and overseeing investor communications and annual-meeting production. Prior to joining predecessor firm Paul Capital in 2006, Clare spent 13 years working with private equity funds and their investors as a venture services and marketing specialist with JP Morgan H&Q and the Charles Schwab Strategic Trading Group. As a venture services specialist, Clare provided liquidity services to private equity funds seeking to distribute or sell public portfolio-company assets. In her role as a marketing specialist, she was responsible for the content and design of the group’s presentation materials, as well as the production of three worldwide private equity conferences. Clare received a B.A. in politics and studio art from Fairfield University in Connecticut.

Melissa Schmidt

Investor Relations Associate

Melissa is Top Tier's investor-relations associate. Prior to joining Top Tier, she worked for Gaia Interactive and venture capital firms Shasta Ventures, Incubic Management and Firelake Capital. Prior to her work in venture capital, Melissa was a regional director for a non-profit organization in the San Francisco Bay Area for 10 years and traveled to Asia and Europe to oversee programs. Melissa started her career at Prudential Securities, where she earned her Series 7 and Series 63 licenses. Melissa graduated from St. Mary's College in Moraga, as well as Notre Dame de Namur in Belmont. Melissa received a B.S. in business administration from Notre Dame de Namur in Belmont.

Sean Warren

Managing Director - Operations

Sean is a managing director with Top Tier and acts as the firm’s registered in-house counsel and chief compliance officer. Prior to joining Top Tier in 2011, Sean held a number of senior operating roles at asset management firms, including senior project manager at Blackrock, chief operating officer at H&Q Asia Pacific and president of Robertson Stephens Asset Management. Before moving to San Francisco, Sean was general counsel and a managing director at Soros Fund Management in New York from 1991 to 2000. Sean began his career as a lawyer advising investment advisers in New York and Hong Kong. Sean received an A.B., magna cum laude, from Harvard College and a J.D. from the University of Chicago Law School.

Shanshan Li

Controller

Shanshan is Top Tier’s controller. She oversees the financial reporting, accounting and operations of the management company, the firm’s Top Tier funds and general-partner entities. Before joining the firm in 2013, she was the fund controller for Clarium Capital Management LLC and the vice president of operations for Thiel Capital LLC. In those roles she oversaw financial reporting and accounting and served as a member of the valuation committee. Prior to that, Shanshan worked at Ernst & Young LLP’s global asset-management practice in San Francisco. She earned a B.S. in international finance from Zhongshan (Sun-Yat Sen) University in China and an MBA from University of San Francisco. Later Shanshan also earned a master of accountancy from Golden Gate University. She is a Chartered Financial Analyst and Certified Public Accountant in the state of California.

Susan Liang

Senior Accountant

Susan Liang is a senior accountant for Top Tier, in charge of the management company’s accounting and operations. Prior to joining Top Tier in 2012, Susan worked for two years as a senior fund accountant at Citco Fund Services. In that role she helped oversee accounting for hedge fund portfolios worth more than $2.5 billion. Before that Susan was an asset operations specialist with the Charles Schwab Trust Co. She started her accounting career as a credit manager and loan processor for Wells Fargo Financial. Susan holds a B.A. in sociology organizational studies and managerial economics from the University of California at Davis.

Catherine Nguyen

Senior Accountant

Catherine is a senior fund accountant for Top Tier. She is responsible for the accounting and operations of the firm’s Top Tier funds and general-partner entities. Prior to joining the firm in 2013, Catherine worked for two years as a senior associate in KPMG’s audit practice, primarily with financial-services clients including Wells Fargo and its venture-capital subsidiary. Before that she interned at KPMG. Catherine earned a B.A. in business economics with an accounting emphasis from the University of California at Santa Barbara. She also studied at Charles University in Prague and is a certified public accountant.

Jeff Watts

Chief Business Development Officer

Jeff is chief business development officer at Top Tier. He leads the firm’s client business activities in the areas of sales, marketing, and customer service while also contributing his perspective to Top Tier’s investment team. He has 32 years of private equity experience, including 10 years of direct venture capital investing, 8 year in fund investing (from VC through mega buyouts including US, Asia, and Europe); and 12 years in fund raising for PE funds. Prior to joining the Top Tier team, Jeff held senior positions with firms including Thomas Capital Group, Russell Investment Group, Washington State Investment Board, and Union Venture Corporation. Jeff earned his M.B.A and B.A. from the University of Michigan. He is a Chartered Financial Analyst (CFA) and Certified Public Accountant (inactive).

quotation mark The bottom line is, we show up. Our focus isn't just on the investment. It's on earning long-term respect through hard work and forging true partnerships with our investors and managers. quotation mark
DAVID YORK, TOP TIER MANAGING DIRECTOR AND CEO

Top Tier makes primary and secondary investments in established and emerging venture capital funds, and also co-invests in companies alongside select managers. Our deep venture capital relationships are the result of decades of experience and a commitment to seeking out the most promising managers and investments.

Featured Managers Current Co-Investments > Back to Portfolio
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ACCURATE GROUP

The Accurate Group provides national real estate transaction services to the financial services industry with a focus on title insurance and searches, loan processing, appraisal and valuation services, and loan due diligence services. Accurate’s mission is to routinely solve client problems by creating efficiency, reducing risk, and cost through the entire real estate loan process. For more information, please visit www.accurategroup.com.

http://www.accurategroup.com

ALIENVAULT

AlienVault provides an easy-to-use, all-in one security platform to help companies detect, respond to and plan against cyber-attacks in a cost effective way. AlienVault's Unified Security Management™ (USM) platform enables organizations with limited security staff and budget to address compliance and threat management needs. By offering five essential security capabilities in a single console - asset discovery, vulnerability assessment, threat detection, behavioral monitoring and security intelligence - and then powering the platform with up-to-the-minute threat intelligence from AlienVault Labs and the Open Threat Exchange—the world’s largest crowd-sourced collaborative threat exchange—AlienVault provides its customers with a unified, simple, and affordable solution for threat detection and compliance management.

http://www.alienvault.com

AWAREPOINT

Awarepoint is the healthcare industry's leading supplier of enterprise awareness solutions. Awarepoint's real-time location system technology and software solutions assist hospitals in cutting asset costs, improving compliance, and increasing patient through-put resulting in increased revenues.

http://www.awarepoint.com

CHEGG

Chegg, the social education platform, provides students on more than 7,000 college campuses nationwide with homework help, course selection, note taking, textbook and e-textbook rentals, and student deals.

http://www.chegg.com

ENGINE YARD

Engine Yard is the leading Platform as a Service (PaaS). With deep expertise in Ruby on Rails and PHP, combined with powerful orchestration, deep community involvement and world-class service, Engine Yard empowers businesses to build and run cloud-based applications easily and cost-effectively.

http://www.engineyard.com

FLODESIGN

FloDesign Wind Turbine Corp has designed and developed a patented Mixer Ejector Wind Turbine: a highly efficient and environmental sensitive mid-scale shrouded wind turbine, which will (1) significantly reduce the cost of energy of wind, (2) enable new markets for wind power and (3) bring utility scale economics to distributed wind applications close to the end consumer.

http://www.flodesign.com

RECYCLEBANK

Recyclebank helps create a more sustainable future by rewarding people for taking everyday green actions with discounts and deals from more than 3,000 local and national businesses. Through its online platform and partnerships with municipalities, haulers, small businesses and corporate brands, Recyclebank is empowering individuals to make a collective impact on the environment by increasing household recycling, reducing household energy usage and taking other environmentally-preferred actions. Recognized as a Technology Pioneer by the World Economic Forum, a Champion of the Earth by the United Nations Environment Programme and for Outstanding Excellence in Public/Private Partnerships from the U.S. Conference of Mayors, Recyclebank is headquartered in New York City.

http://www.recyclebank.com

SMARTSHEET

Smartsheet is a collaborative work management tool for businesses of all sizes. Regarded for its online project management, collaboration, and file sharing features, Smartsheet's intuitive spreadsheet-inspired app is used broadly to track and manage diverse types of work including: team projects and task lists, customer information, sales pipelines, event schedules, and business processes.

http://www.smartsheet.com

VIRTUSTREAM

Virtustream is a leading enterprise-class cloud solution provider, specializing in moving complex IT to the cloud. Virtustream offers xStream, a secure, high performance enterprise-class solution for private, virtual private, public and hybrid clouds – available as software or managed service. Virtustream also offers professional services to design, migrate, and manage clouds.

http://www.virtustream.com

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Dan Townsend speaking at Capital Creation 2014 in Monte Carlo

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June 26-27, 2014

Jessica Archibald speaking at PEI's Global Private Equity Seminar: Korea on Wednesday, June 25 in Seoul, Korea

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Top Tier Capital Partners' Jessica Archibald

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Contact

San Francisco Office

Top Tier Capital
Partners LLC

600 Montgomery Street,

Suite 480

San Francisco, CA 94111


P: 415-835-7500

F: 415-835-7501


> Parking Information

The Transamerica Pyramid parking garage is accessible via Washington Street. Other nearby parking garages are City Park located on Clay at Sansome and on Montgomery at Merchant.

New York Office

Top Tier Capital
Partners LLC

415 Bedford Road,

Suite 201C

Pleasantville, NY 10570


P: 415-835-7500

F: 415-835-7501


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