Paul Capital bolsters fund of funds team

A three-person development team has come together as the firm group changes its name.

San Francisco, California-based fund of funds manager Paul Capital Investments, formerly known as Paul Capital Top Tier Investments, has appointed a new corporate development team consisting of three new employees.

Paul Capital Investments is a fund of funds affiliate of Paul Capital, a private equity funds management business that is best known for its secondary investment and healthcare royalties strategies.

The three new professionals in the fund of funds group “will manage the marketing of the firm’s specialised funds of funds offerings, as well as provide enhanced client service to the firm’s existing and future investor base”, the statement said.

Jay Backstrand, Clare Canale and Brian DeFee will comprise the development team, the statement said. Backstrand, who comes to Paul Capital after approximately 10 years as the chief executive officer of VolunteerMatch, an internet non-profit company that matches local volunteers with charitable organizations, will serve the team in the capacity of vice president, the statement said. Canale, who will serve the team in the capacity of marketing manager, previously worked for the strategic trading group at the holding company Charles Schwab. She has also worked as a marketing and venture services specialist at JP Morgan. DeFee, who just received his MBA from Glendale, Arizona-based Thunderbird, the Garvin School of International Business Management, which focuses solely on global business, joins the team as an associate, the statement said. Prior to Thunderbird, DeFee was a member of JP Morgan’s equity capital markets group. There, he worked on marketing strategies for technology clients who were interested in raising capital in the public markets, the statement said.

The change of name to Paul Capital Investments comes as the firm refocuses. “The name change reflects the firm’s evolution as it expands its core funds of funds offerings in response to the needs of its global client base,” the statement said. “Paul Capital Investments will continue to develop its successful venture capital funds of funds business and build additional funds targeting a range of private equity markets.”

Formed as a partnership between Paul Capital Partners and Bank of Ireland earlier this year, Paul Capital Investments uses its funds of funds products to provide investors with access to private equity investment opportunities, the statement said. The group, which targets venture capital and middle market buyout fund programs, has approximately $1.3 billion in assets under management. Bank of Ireland paid $25 million in cash for a 50 percent share in the joint venture. It has the option to increase its shareholding up to 70 percent after 2008. Bank of Ireland also paid $5 million for interests in existing funds of funds. Paul Capital contributed its existing private equity fund of funds business with assests of $1.1 billion under management. That figure includes the firm’s fund of funds team and associated investment resources and facilities in return for 35 percent interest.

Paul Capital was founded in 1991 and manages more than $2.7 billion across 10 private equity funds, the statement said. Bank of Ireland has the largest total assets of any Irish bank, the statement said.