This week on Swimming with Allocators, Earnest and Alexa welcome David York, Founder and Managing Director at Top Tier Capital Partners. Top Tier is not just an investment manager; it’s a powerhouse with a laser focus on venture capital. With families of funds dedicated to primary commitments, venture fund investments, LP and direct secondaries, and direct investments, Top Tier has been a key player in the global investment landscape for over two decades. In this conversation, David shares his transition from investment banking to venture capital, discusses Top Tier’s strategies in fund of funds, secondaries, and co-investments, and the opportunities arising from market corrections and technology consumption. David also addresses the private equity secondary market, the importance of liquidity, the evolution of seed managers, the impact of COVID-19 and the balance between generalist and specialist strategies. We also hear from Renuka Kumar of Silicon Valley Bank (SVB) regarding SVB’s commitment to the venture ecosystem and its offerings for portfolio companies.
Highlights from this week’s conversation include:
David’s background and journey to founding Top Tier (1:38)
Confidence in Fund to Fund Strategy (6:35)
Technology Consumption and Venture Capital (11:53)
Insight into the Secondary Market (15:22)
Private Equity Secondary Space (17:23)
Investing in Emerging Managers (22:33)
Seed Investing and Portfolio Construction (25:42)
Understanding Underlying Portfolios (29:18)
Generalist vs. Specialist Strategies (31:11)
The technology stack reinvention (00:34:41)
Venture capital and exciting changes (35:42)
Insider Segment: SVB’s commitment and offerings (40:29)
Advice for emerging managers (41:19)
Venture capital allocation and duration (45:06)
Minority-based managers and diversity (47:28)
Connecting with Top Tier (52:29)
Top Tier Capital Partners is a venture capital specialist managing niche-focused funds of funds, secondaries, and co-investment strategies. 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. Learn more at ttcp.com.
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.
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