‘Mobile is eating the world’ is an adage made popular by Andreessen Horowitz partner Benedict Evans, who iterated on Marc Andreessen’s popular insight that ‘Software is eating the world.’ What Evans is insinuating is that mobile has been a bridge for technology to reach everyone in the world, not just those in the technology industry.…
As investment professionals we were attracted to venture capital years ago and we were inspired by the potential to make outsized returns alongside some of the smartest and most entrepreneurial investors in the world. For the right to do so, however, we agree to be locked up for at least ten years and pay handsome…
Top Tier Capital Partners’ Managing Director Lisa Edgar discusses her firm’s investment philosophy, entrepreneurial expectations, and the industry’s expanding commitment to diversity.
In the wake of growing valuations and escalating deal sizes, we are seeing an increase in the number of sidecar, annex, or special opportunity funds being raised by VCs. From 2007 to 2010, only two of our underlying managers raised sidecar vehicles, but since 2011, we have been asked to participate in nine sidecar vehicles…
As the holidays rapidly approach, the team at Top Tier Capital Partners (“TTCP”) would like to share with you gift ideas from our portfolio. Some are more expensive than others, so shop carefully! In 2014, we saw a noticeable increase in gadgets and service companies. As part of our due diligence, several of these products…
From Facebook’s acquisition of WhatsApp to Google’s purchase of Nest Labs, large US technology companies are increasingly using the ample cash on their balance sheets for M&A. Jessica Archibald, managing director at Top Tier Capital Partners, examines how this trend is likely to continue. The motivation is largely defensive, eliminating perceived competition while diversifying into…
Will the golden years get eclipsed by smog? Introduction What do air and water quality have to do with venture capital investments? Quite a bit, actually! Untitled18Many assume that investment decisions hinge solely on manager quality and historic performance, but other macro-factors can have an enormous effect on investment decisions, particularly international investment decisions. In…
Einstein once said not everything that counts can be counted. At Top Tier Capital Partners, we often look towards the horizon to understand the long-term and peer at spreadsheets to analyze the short-term. And often, we find an interesting pattern that makes us wonder, what should be counted? The Delta: According to the National Venture…
Will 2014 bring sustained momentum for venture-backed IPOs? Introduction Initial public offerings continued their rapid rise in 2013, aided by the strong performance of the U.S. public equity markets. Last year, 222 companies successfully completed their IPOs. Those IPOs included 82 venture-backed companies, such as the blockbuster debut of Twitter in November, and comprised the…
Venture Performance in the Era of Lean Startups and Continuing Innovation Introduction With the convergence of rapid innovation, right-sized amounts of capital, and improved liquidity, the venture industry has reverted to positive cash flow over the past two years. Returns are trending towards the mean of greater than 15% IRR (Internal Rate of Return) for…