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Great article with Jonathan Sibilia, our partner responsible for the Fund of Funds Program, as he joins Francesco Perticarari @SiliconLondon to review their VC fund deck and give advice as to exactly what LPs are looking to see. 
https://twitter.com/SiliconLondon/status/1328756237312397312
https://twitter.com/SiliconLondon/status/1328756237312397312
A VC doing Fund of Funds is pretty unusual, many VCs aren’t set up to do it. Being publicly listed allows us flexibility to invest in some of Europe’s best Seed VCs without needing to get LPs to accept this unusual situation. Check out our fund of funds; https://draperesprit.com/entrepreneurs/fund-of-funds
In the last 3 years we have committed over £50m to 25+ funds – which indirectly exposes us to 400+early-stage companies. These companies collectively have already raised in excess of £2bn of capital
We understand the challenges & difficulties in raising an Early-Stage Fund. This is the “raison-d’etre” of this program: making sure that the seed grassroots are properly served to help our ecosystem. Without early-stage managers taking those risks at seed, we would not be here!
But Fund of Funds allows us to do other interesting things. Crystallising more investment opportunities into later stage deals & also secondary deals for entire portfolio, ensuring liquidity for managers & their LPs. We did this with Seedcamp Funds I & II https://seedcamp.com/seedcamp-sells-funds-i-ii-to-draper-esprit-delivering-4x-return-to-investors/
This deal allowed Seedcamp to close these funds with an incredible 4x return. So Seedcamp can focus on backing the best founders at seed stage and fixing one of the biggest challenges at seed stage VC – liquidity. https://seedcamp.com/seedcamp-sells-funds-i-ii-to-draper-esprit-delivering-4x-return-to-investors/
So FoF is a bit of a strange beast in VC, but an increasingly vital one. We’re excited to be leading this innovation.
@icebreakervc @join_capital @Episode1VC @seedcamp @IQ_Capital_Fund @stride_vc @FiveSeasonsVC @SeayaVentures @hardware_club @byFounders @IndicoCapital @frst_vc @SimplyConnect_ @EarlybirdVC @AdaraVentures @changeventures @7pcventures @ldvcapital @draperb1_vc
Level-Up, Astanor I, EKA Ventures, & Future Positive Capital
