Tempo is a specialist in this market of buying existing venture capital?investments, and DFJ has been dipping its toes in since 2007 when it?bought out Cazenove?s venture capital fund.
The combined secondary fund will have a portfolio of around 60 companies,?and over $1.1bn under management.
The deal is characterised as a merger, but the joint group is going to be?called DFJ Esprit Secondaries, and everyone at Tempo is moving into DFJ?s?offices, so you can draw your own conclusions from that. David Tate and?Olav Ostin from Tempo will manage the joint business.
?Venture capital is a global business and it is hard to build a global?network from scratch, so having a brand like DFJ as a partner is a benefit?for a smaller company,? said Simon Cook, chief executive of DFJ Esprit,?which is the European partner for the Silicon Valley-based Draper Fisher?Jurvetson network of funds.
The Tempo team will bring experience of managing the very complex deals?involved in secondary venture investments, where it is necessary to value?stakes in not just one but several portfolio companies at a time.
Mr Cook said there was still a great deal of room left for consolidation?in Europe. He pointed out that there were 210 companies in Europe last?year that raised more than $5m in funding. And those deals were done by 224?venture capital companies. Yes, that is more than one VC for each company getting funding.
?There are still too many very small funds?doing small local deals. We?need bigger funds,? Mr Cook said.
In the US, there were around 70 venture capital firms that did more than 10 deals each, last year, Mr Cook said. In Europe, there were only 11 companies that did more than five deals.
Article source: http://blogs.ft.com/tech-blog/2012/03/european-secondary-venture-funds-merge/
Source: http://phamcapital.com/?p=522
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