Canadian public-private venture capital fund raises C$217 million
TORONTO Jan 21 (Reuters) - A Canadian government-backed investment fund set up to help revive the country's ailing venture capital industry raised C$217.5 million ($198 million) at its initial closing, its backers said on Tuesday.
The Northleaf Venture Catalyst Fund raised C$145 million from institutional and corporate investors, including Canada's biggest banks, with the rest contributed equally by the federal and Ontario governments.
It will be managed by Northleaf Capital Partners and invest mostly in domestically focused early- and mid-stage venture capital funds, as well as directly in Canadian startups.
The fund is part of a C$400 million plan to support Canada's venture capital industry announced in the federal budget last year. The fund has a target of raising C$300 million, and plans to hold a second closing later in 2014.
It was backed by Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada , Royal Bank of Canada, Bank of Nova Scotia , and Toronto-Dominion Bank.
Northleaf was spun out of TD in 2009, according to its website.
Other partners in the fund include the Canada Pension Plan Investment Board, the Business Development Bank of Canada, the Ontario Capital Growth Corporation and software company Open Text Corp.
- Investigators look for motive in Malaysia plane disappearance |
- Malaysian PM says lost airliner was diverted deliberately |
- Police make third arrest in murder of Colorado socialite
- Democrats seek ways to limit Obamacare fallout after Florida defeat
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources