The CPP Investment Board announced today announced plans to commit up to US$100 million over six years to a new “fund of funds” focused on investing in North American venture capital funds.

Paul Capital Top Tier Investments II is managed by Paul Capital Partners, a U.S. private equity firm. With a target size exceeding US$500 million, the fund will build a diversified portfolio of investments in high-performance venture capital funds. The new fund has already closed on eight venture capital funds created in the past two years.

The CPP Investment Board already has a strategic alliance with Paul Capital Partners through a US$90 million commitment over four years to Paul Capital Partners VII, L.P., which acquires U.S. and European limited partnership interests in the secondary markets.

“Paul Capital Partners has the expertise to track and access top decile venture capital firms and leverage its existing activities in the secondary market,” commented Mark Weisdorf, vice president responsible for private market investments at the CPP Investment Board. “We are impressed by the ingenuity, resources and success rate of Paul Capital’s team which already manages more than US$2 billion in assets.”