British Business Bank has committed up to €100m (£90.4m) to the first European venture capital fund being raised by a San Francisco-based financier.
It is understood that Top Tier Capital Partners is raising e300m in total for its first European fund of funds. The fund will invest in technology and healthcare. Top Tier was unavailable for comment.
The BBB’s investment is its first through its £500m Managed Funds Programme, administered by its British Business Investments subsidiary.
Top Tier, with offices in San Francisco and London, manages niche-focused funds-of-funds that invest in venture capital funds as well as making selected direct investments.