Draper Esprit lists in London and Dublin

The venture capital firm plans to use almost £30m of proceeds raised in the IPO to make primary and secondaries investments.

Draper Esprit has listed on the London Stock Exchange’s AIM market and the Irish Stock Exchange’s Enterprise Securities exchange, Secondaries Investor  reports.
The venture capital firm, which manages two venture capital secondaries funds through its Draper Esprit Secondaries business, raised about £103 million ($146 million; €103 million) of initial capital through the listing, according to a statement.

“Traditionally the limited partnership model in Europe has restricted who can invest in venture capital backed companies and many growing technology companies are not accessible to institutions or public investors until they go public,” Simon Cook, Draper Esprit’s chief executive and co-founder, said.

“Now everyone can participate in the growth of VC-backed companies from their earliest stages through Series A and B to their success in the later stages up to and including their IPO.”

Draper Esprit manages five secondaries funds including three legacy vehicles that are in run-off mode, according to a document accompanying the IPO. The firm’s secondaries unit currently manages two funds, one of which held a close last December, though it was not clear how much it had raised.

A spokesman for Draper Esprit did not return a request for comment by press time.

Read more by visiting http://www.secondariesinvestor.com.