Investment Strategy: Venture Capital

The Paul Capital Fund of Funds venture capital investment strategy focuses on providing access to top-tier venture capital managers – access gained through years of building important industry relationships. The Fund of Funds Team utilizes our historic knowledge and experience to identify, evaluate and access the very best venture capital managers. To complement our focus on top-tier managers, we also have an allocation and interest in compelling emerging managers who we believe have the potential to become industry leaders.

Our venture capital fund of funds program has a multi-industry investment strategy with a focus on Information Technology, Healthcare and Cleantech. The majority of our capital is invested in early stage companies; the balance is invested in late stage and growth equity, which provide reduced volatility and more rapid exits.

Venture Capital Portfolio Construction


  • Size: Small fund bias, balanced by a short list of best-in-class larger funds or platforms
  • Geography: Traditionally Silicon Valley and Boston areas, with growing exposure to select international investments through established industry network.
  • Secondaries: Investments in top tier managers obtained through the secondary market can produce attractive early returns and serve to mitigate the effect of the typical J-Curve associated with private equity fund investing.

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