DEVC.L Share News (DEVC)

(Sharecast News) - Technology-focussed venture capital company Draper Esprit announced on Wednesday that its alternative investment fund manager Esprit Capital Partners has notified the Financial Conduct Authority of its intention to relinquish the use of the EuVECA designation, under the European Venture Capital Funds Regulation.
The AIM-traded firm said that one of the main advantages of the EuVECA regulation was that it offered an EU-wide marketing passport to certain managers of venture capital funds.

"As a full-scope alternative investment fund manager, Esprit Capital Partners is able to avail itself of the alternative investment fund managers directive marketing passport rights, and therefore no longer needs to take advantage of the EuVECA marketing regime," the board explained in its statement.

"The company confirms that there has been no change to the investment objective and/or investing policy and/or strategy of the company as a result of the company relinquishing the use of the EuVECA designation."

At 1552 GMT, shares in Draper Esprit were up 3.21% at 644p.