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DFJ lets London partners go

US VC Draper Fisher Jurvetson is reported to have parted company with two London partners.

Draper Fisher Jurvetson, the renowned Silicon Valley venture capitalist, appears to have made a bearish call on prospects for business in Europe. According to the Financial Times, the firm has distanced itself from two partners based in London just days before it was to announce an investment strategy with them, reports the Financial Times.

The decision is likely to have been prompted by the difficult climate for new technology companies, and the fact that venture capitalists are rethinking business strategies that previously would have been regarded as stable, the newspaper said.

DFJ is not the first US venture capitalist to have revised its strategy for Europe in recent months. Bowman Capital has already withdrawn, while Carlyle has said it is considering handing back money to investors.

The FT quoted Asad Jamal, general partner of DFJ ePlanet, the firm’s $690m international fund, as saying the reason behind the split was that the investment philosophy of two London partners Colin Watts and Giuseppe Curatolo was “more akin to expansion-stage investing”, while DFJ felt deals were still overvalued.