DFJ Esprit holds first close of third fund on EUR70m

01 November 2009

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Fund

DFJ Esprit has held the first close of it latest venture fund, DFJ Esprit III, on EUR70m. The new vehicle, which has a target of EUR150m, was launched early in 2009 and is structured as a 10+2-year LP based in the UK. The terms and conditions of the fund have been described as industry standard. O'Melveny & Myers provided legal advice.

Investors

LPs in the fund include institutional and public sector investors in the US and Europe, such as the European Investment Fund, Finnish Industry Investors, Partners Group, J.P. Morgan, LGT Group and HarbourVest.

Investments

DFJ Esprit III will continue DFJ's strategy of investing between EUR5-10m in early and later stage technology companies across Europe, specifically in the cleantech, medical devices, internet, software and digital media sectors.

The vehicle will look to acquire significant minority stakes in businesses by leading or co-leading an investment alongside other European venture capital houses. DFJ expects to make about 5-10 investments from this vehicle per year and 20 in total over the life of the fund.

People

Simon Cook is the CEO of DFJ Esprit, supported by a team of seven general partners and two venture partners, operating from the firm's offices in London and Cambridge.

Name: DFJ Esprit III

Closed on: EUR70m

Target: EUR150m

Focus: Early/later stage, technology, Europe

Contact: Simon Cook

Address: DFJ Esprit, 14 Buckingham Gate, London SW1E 6LB, UK

Tel: +44 20 7931 8800

Fax: +44 20 7931 8866

Advisers: O'Melveny & Myers (Legal).