The UK Future Technologies Fund, which is backed by the government, has made its first commitment into DFJ Esprit’s latest vehicle.

The UK Future Technologies Fund (UKFTF), which is backed by the government, has made its first commitment into DFJ Esprit’s latest vehicle.

DFJ Esprit III has moved ‘significantly towards [its] target of £130 million’ after securing the cash from the UKFTF, which is managed by the European Investment Fund (EIF) on behalf of the UK government and private co-investors.

The cash will be invested in early and later stage technology companies in the UK. John Holloway, a director at EIF, says DFJ, a London-based venture capital firm, ‘should be able to put the money to work fairly quickly’, adding that the UKFTF has further transactions in the pipeline.

Simon Cook, CEO of DFJ Esprit, comments, ‘UK and European technology continues to offer huge investment opportunities.’

With £200 million to invest at first closing, the UKFTF is one of two funds that make up the UK Innovation Investment Fund. The other is the Hermes Environmental Innovation Fund, which has £125 million to back cleantech companies.