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DFJ Esprit seals 10th VC portfolio

The TTP Ventures portfolio includes electronic shelf labels company Displaydata and drug development company Pulmagen Therapeutics.

DFJ Esprit, the European arm of Draper Fisher Jurvetson, has acquired all of TTP Ventures’ venture capital investments, according to a statement.

The portfolio was created using the TTP Venture Fund, a £34 million ($54 million; €43 million) vehicle created to invest in early-stage technology companies, according to TTP’s website.

The portfolio includes electronic shelf labels company Displaydata and drug development company Pulmagen Therapeutics.

David Tate
David Tate

“The TTP Ventures portfolio has had some notable successes but as a 1999-vintage fund it had limited time or capacity left to see its remaining portfolio companies through to maturity,” DFJ Esprit managing partner David Tate said in the statement.

TTP Ventures marks DFJ Esprit’s 10th direct secondaries venture capital portfolio acquisition.

Previous direct secondaries investments include a portfolio of eight companies from Top Technology Ventures and a £170 million portfolio of 22 companies from 3i, according to DFJ Esprit’s website.

DFJ Esprit’s secondaries business was established in 2004 and later merged with Tempo Capital to create what’s considered the largest venture secondaries firm in Europe.

The firm’s most recent funds closed in 2009. Secondaries-focused Encore Ventures I raised £170 million and the firm’s flagship venture capital fund DFJ Esprit III raised €150 million, according to PEI’s Research and Analytics division.

The London-based firm is led by chief executive officer Simon Cook and managing partners Tate, Stuart Chapman and Olav Ostin. The firm also has offices in Cambridge and Dublin, according to its website.