DFJ Esprit has held a €70 million first close for its third European venture capital fund, which is targeting €150 million. LPs include the European Investment Fund, Finnish Industry Investors, Partners Group, JP Morgan, LGT Group and Harbourvest. DFJ Esprit also has raised £170 million for its inaugural secondary fund.
DFJ Esprit, one of Europe’s top tier venture capital firms and member of the global Draper Fisher Jurvetson VC network, today announced the formation of two new funds totalling $495m; DFJ Esprit III, a new venture capital fund focused on Europe and Encore Ventures I, a secondary vehicle which has agreed to acquire 3i’s European venture portfolio.
DFJ Esprit III is a new primary venture capital fund with a target of €150m ($215m) and will continue DFJ Esprit’s long track record of investing in the most exciting early and later stage technology companies across Europe. A first close has been held at €70m ($100m) with commitments from some of Europe’s leading institutional and public sector LPs such as the European Investment Fund, Finnish Industry Investors, Partners Group, JP Morgan, LGT Group and Harbourvest.
Additionally, the new secondary division of DFJ Esprit, Encore Ventures, has announced the closing of its first fund, Encore I, a £170m ($280m) maximum fund backed by leading secondary investors Coller Capital and Harbourvest, which has agreed to acquire 3i’s European venture portfolio, announced separately today.
Simon Cook, CEO, DFJ Esprit said, “We are delighted to be able to announce two new funds in the current economic climate with the backing of leading LPs. DFJ Esprit III will continue to support the best entrepreneurs from all over the UK and Europe, just as our partner DFJ network funds do in Silicon Valley, China, India, Israel and around the world. In addition, we are excited to be the first mainstream venture firm to establish a dedicated secondary team where the opportunities to acquire stakes in fast growing businesses are significant.”