Ireland divests stake in fund of funds

Ireland and Paul Capital are exiting their stakes in venture fund of funds Paul Capital Investments. The Bank of Ireland has committed to selling off its non-core asset management businesses.

Paul Capital Investments, the venture fund of funds platform established by Paul Capital Advisors and the Bank of Ireland, has undergone a change of ownership and will be known as Top Tier Capital Partners.

The Bank of Ireland and Paul Capital Advisors, which owned equal shares in Paul Capital Investment, have sold their respective interests in Top Tier as part of the management-led change in ownership. The timing of the transaction comes in part as a result of the Bank of Ireland’s commitment to EU regulators to sell off its non-core asset management businesses and focus on its core banking activities.

The fund of funds partnership was organised as a separate entity when the Bank of Ireland acquired a 50 percent stake in the business in 2006.

“The relationship between [Top Tier] and Paul Capital Advisors remains strong and our teams will continue to work together and share deal flow,” the fund of funds managing director David York said in a statement. Paul Capital Advisors founder Philip Paul will act as managing director and chairman of Top Tier as well as chairman emeritus of Paul Capital Advisors, York added.

As part of the change in ownership, two investment vehicles associated with the Shea and Hambrecht/Eu families are investing in Top Tier.

Paul Capital Advisors manages approximately $5.9 billion across two investment platforms: private equity secondaries and healthcare royalty/revenue interests. Launched in 1991 as a provider of secondary liquidity to investors in private equity limited partnerships and portfolios of direct investments, the firm is based in New York and has offices in Hong Kong, London, Paris, San Francisco and São Paulo.