January 14, 2013 / 6:35 PM / in 5 years

REFILE-Canada sets C$400 mln venture-capital plan

MONTREAL, Jan 14 (Reuters) - Canadian Prime Minister Stephen Harper on Monday announced a plan to invest C$400 million ($408 million) in venture capital in new and existing funds led by the private sector over a span of seven to 10 years.

“We will provide the resources needed to put Canada’s venture capital industry on the path to sustainability and ensure Canada’s high-potential firms have the resources they need to succeed,” Harper said in a statement.

The plan would allocate to money as follows:

- C$250 million to establish new, large private sector-led national funds that will invest in several other venture-capital funds, in partnership with institutional and corporate strategic investors as well as with interested provinces;

- Up to C$100 million to recapitalize existing large private sector-led funds in partnership with willing provinces;

- Up to C$50 million in three to five existing, high-performing venture-capital funds in Canada.

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