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DFJ Buys Out 3i's European VC Portfolio

14 September, 2009

Venture capital firm Draper Fisher Jurvetson (DFJ) has teamed up with secondary investors Coller Capital and Harbourvest to buy out the European venture capital portfolio of 3i Group.

Through its European network firm DFJ Esprit, the Silicon Valley-headquartered firm has set up a unit called Encore Ventures, which has bought out a portfolio of 30 firms. Encore has also announced closing of its first fund at £170m ($280m).

Earlier this year, 3i CEO Michael Queen pledged to dispose of 3i’s venture capital portfolio and exit its small minority investments together valued at 883 million pounds last year. UK’s biggest listed private equity firm has been looking to reduce the debt on its balance sheet. 3i manages a $1.2-billion infrastructure fund in India besides a portfolio of growth capital investments.

DFJ Esprit has also announced the launch of its third fund, which has a target of €150m ($215m) and will invest in early and later stage technology companies across Europe. A first close has been held at €70m ($100m) with commitments from European Investment Fund, Finnish Industry Investors, Partners Group, JP Morgan, LGT Group and Harbourvest, according to a press release.

This development comes after DFJ recently revved up its India play. DFJ is now looking to invest in India from its growth fund, DFJ Growth Capital, and will also be scouting for more cleantech opportunities through DFJ Element Partners.


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DFJ Buys Out 3i's European VC Portfolio

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