In a move that it describes as means to facilitate growth, TTP Ventures, the UK VC firm that invests in the technology sector, has announced the reorganisation of its management team. The firm has appointed Gerry Fitzsimons as chief executive to replace David Connell who will become executive chairman, taking over from current non-executive chairman, David Parnell.
Fitzsimons, who joined the investment team at TTP Ventures in January 2001, has been involved in the business since its formation in 1998 acting as the firm’s external legal adviser. In his new role, he will assume responsibility for investor relations and transactional issues on both existing and new investments.
Connell, one of the original founders of TTP Ventures, will work with portfolio companies to accelerate business development. “Splitting management responsibilities will enable us to continue with our goal of developing one of the strongest science and technology focused venture capital firms in the UK, “ said Connell.
The hire comes as TTP raises its second fund, which is expected to close at E80m this year. TTP Ventures’ first venture capital fund was launched in February 1999. Its principal investors are NPM Capital, The Boeing Company and Siemens Venture Capital. The fund has a total commitment of £35m.TTP Ventures investments to date include Broca Networks, Element 14 and Intense Photonics.