In 1990 he began his private equity investment career at the pension fund of AT&T. As Vice President, Venture Capital, of AT&T Investment Management, he managed a portfolio representing commitments of nearly $2 billion of domestic and international venture capital and private equity partnerships and direct investments. Paul continued investing on behalf of institutions, taking the point in venture capital investing at a fund-of-funds manager Knightsbridge Advisers, where he met his future partners in Spur Capital.

Over his career, Paul has participated on more than a dozen advisory boards of private equity firms and overseen investments in more than 190 individual partnerships for over 90 private equity firms in the United States, Europe, Southeast Asia and Israel. Paul is married and lives in Minneapolis with his family.