Updated January 5, 2010
NEW FUNDS
January – December 2009
Golden Opportunities Fund expands to Manitoba
Golden Opportunities Fund Inc., Saskatchewan's first and largest provincial labour-sponsored fund, and 2004 Labour Fund of the Year in Canada, is pleased to confirm that the Fund's shareholders have approved the expansion of the Fund into Manitoba. The capital raised by the issuance of shares to Manitoba residents will be invested in Manitoba based businesses in accordance with the Manitoba Act and shares of the Fund issued in Manitoba will be eligible for federal and provincial tax credits equal to 30%. Golden Opportunities will continue to be a key economic influence in Saskatchewan as all funds raised in the Province of Saskatchewan will continue to be invested in Saskatchewan's diverse economy and be eligible for a 35% tax credit. (January, 2009)
Wellington Financial increases Fund III to $150 million
Wellington Financial LP, a privately held specialty finance firm, announced that Wellington Financial Fund III has raised an additional $24.1 million of limited partner commitments from two new Canadian-based institutions, increasing Fund III to $150 million in size. Wellington Financial provides capital to growing private and public companies in the form of term, venture or amortizing loans across North America. Launched in late 2006, Fund III was originally capitalized with $125.9 million of equity commitments. Wellington Financial has led or participated in 26 new financings via Fund III, providing $180 million of new capital for Canadian-based companies. (January, 2009)
Bay Stream Ventures Launches in Montreal
Bay Stream Ventures Inc. was recently formed by business and finance professionals in North America, Europe and Asia, wishing to work together in providing best of class management and finance practice to international companies undergoing growth and expansion. Bay Stream Ventures provides merchant banking services to mid-market companies that use innovation as a strategic competitive advantage. (January, 2009)
CAPE Management Closes CAPE Fund L.P.
Private Equity firm, CAPE Fund Management Inc. announced a $50 million closing of CAPE Fund L.P. The Fund’s sole investment focus will be to partner with Aboriginal groups and individuals to promote Aboriginal business, entrepreneurship and prosperity. Fund management will work closely and pro-actively with its investee partners to ensure that appropriate governance, management, capital and network resources are brought to bear to successfully grow businesses and thereby generate both important social returns as well as acceptable risk adjusted financial returns for the Aboriginal communities involved. (March, 2009)
Argosy Partners Closes Shotgun Fund III
Argosy Partners, the General Partner of The Shotgun Fund and The Succession Fund, announced the first closing of its private equity offering, Shotgun Fund III. The gross proceeds total more than $20-million. Like its predecessors, Shotgun Funds I and II, Shotgun Fund III will focus on generating top-quartile returns by purchasing shares in private Canadian companies from one or more departing shareholders. These purchases are made in connection with shotgun/buy-sell transactions under shareholders' agreements or, in some instances, by purchasing securities from treasury where the issuer requires a quick equity infusion. (March, 2009)
Growth Equity Firm Georgian Partners Launches in Toronto
Georgian Partners is a growth equity firm investing in expansion and later-stage enterprise software and information aggregation companies. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages global software expertise to directly impact the success of companies. The Ontario Venture Capital Fund recently announced that it has made a commitment of up to $15 million to Georgian Partners Growth Fund I. (March, 2009)
CDP Capital, Solidarity Fund QFL, and the Government of Québec create the Teralys Capital Fund
The Caisse de dépôt et placement du Québec, the Solidarity Fund QFL and the Québec government confirmed the creation of the Teralys Capital Fund, which will finance private venture capital funds that invest in technology companies in sectors that include life sciences, information technology and clean technology. The creation of the Teralys Capital Fund is an initiative of the Caisse de dépôt et placement du Québec and the Solidarity Fund QFL, which are each contributing $250 million. The Québec government is contributing $200 million through Investissement Québec. The fund will also solicit other institutional and private investors to raise an additional $125 million, for a total objective of $825 million. (April, 2009)
Vanedge Focuses on Interactive Entertainment
Vanedge Capital recently announced the launch of their Vancouver-based venture capital fund and will focus on investments in interactive entertainment and digital media businesses. Vanedge will make investments where their relationships with technology and management talent, and focus on investing in companies which can leverage Vanedge’s operating skills, experience and contacts can bring hit properties and services to market. (April, 2009)
Cycle Capital Management conducts first closing of Cycle Capital Fund I LP
Cycle Capital Management Inc. has raised $80 million in completing the first closing of Cycle Capital Fund I, L.P., an investment fund devoted to the clean technology and renewable-energy sector. This threshold was reached thanks to the involvement of several partners, including the Government of Québec, the Fonds de solidarité FTQ, Fondaction, the Caisse de dépôt et de placement du Québec, Brookfield Renewable Power Inc., Cascades Inc., the Fonds d’action québécois pour le développement durable, and the Centrale des syndicats du Québec. Montréal-based CCM will continue to raise capital over the coming months. (June, 2009)
Government of Canada Announces $450 MM in New Funding for BDC
The Business Development Bank of Canada announced that it is receiving $450 MM from the government of Canada in support of small and medium-sized enterprises and innovative firms. The funding includes $260 MM to make direct investments in Canadian businesses, $90 MM to commit to private Canadian venture capital funds, and $100 MM to guarantee lines of credit to companies whose banks have already extended it. (June, 2009)
Clairvest Completes First Closing of Clairvest Equity Partners IV LP
Clairvest Group announced that Clairvest Equity Partners IV has reached a first close of $200 MM, half of which was committed by Clairvest, and will have a cap of $500 MM. Clairvest is a Canadian merchant bank that invests its own capital, and that of third parties, in Canadian and international businesses. (July, 2009)
Imperial Capital Acquisition Fund IV Closes at $126 MM
Imperial Capital Group, a Toronto-based private equity fund manager that focuses on mid-market buyout opportunities in North America, announced that it has closed the Imperial Capital Acquisition Fund IV at $126 MM. Imperial’s core investments are in the healthcare, consumer products, and business services sectors. (July, 2009)
Export Development Canada and Brookfield Launch $1 Billion Loan Fund
Export Development Canada has announced it will contribute $450 MM, and Brookfield at least $100 MM, to a new debtor-in-possession fund that will provide restructuring financing to Canadian companies requiring at least $20 MM, as an alternative to liquidation. Sun Life Financial and the Canadian Imperial Bank of Commerce will also invest as limited partners. (August, 2009)
Huron Capital Expands Commitment to Canadian Middle-Market
Detroit-based Huron Capital Partners LLC announced that it has opened an office in Toronto to accelerate the expansion of its Canadian portfolio of private equity investments. The addition of the new office will assist Huron Capital’s efforts to invest $100 MM in buyouts, growth initiatives, corporate spinoffs, and recapitalizations of Canadian companies. (August, 2009)
Brookfield Launches $400 MM Columbia Fund
Brookfield Asset Management has announced that it is setting up a $400 MM fund to invest in Columbian infrastructure. Toronto-based Brookfield, with over $80 billion of assets under management, including $8 billion in Latin America, announced that the first closing of the fund raised $320 MM, making it the largest Columbian private equity and infrastructure fund ever raised. (September, 2009)
Ontario Emerging Technologies Fund Open For Business
The new Emerging Technologies Fund, managed by the province of Ontario, is designed to help innovative technology companies find the capital they need to grow in the province. First announced in March, the $250 MM fund will co-invest, along with qualified venture capital funds and other private investors, directly in Ontario companies in the clean technology, life sciences, and IT sectors. (September, 2009)
FedDev Ontario Boosts Venture Capital Funds to Tech Companies
Small and medium-sized enterprises in Southern Ontario will have greater access to venture capital money, thanks to a new investment announced by the Federal Economic Development Agency for Southern Ontario. FedDev Ontario will provide $50 million to the BDC, including $35 million in capital to place direct investments in early-stage firms in Southern Ontario and $15 million to invest in Ontario-based venture capital funds focused on Ontario-based opportunities. As part of its decision-making process, the BDC will collaborate with the previously-established Ontario Venture Capital Fund. (October, 2009)
Rogers Starts Venture Fund
Media giant Rogers Communications has announced that it has launched a new venture capital fund to provide early stage and seed level investment for Internet-focused technology start-ups. Rogers did not disclose the size of the fund, but did announce that it has already made three investments in Toronto-based portfolio companies this year. (October, 2009)
GrowthWorks, Seamark to join forces
GrowthWorks Capital, Canada's largest retail venture capital player, and Seamark Asset Management have agreed to a merger that will create a $3-billion asset manager. Under the proposed transaction that will take place through a share swap, a new publicly listed company will be formed under the name of Matrix Asset Management Inc. Vancouver-based GrowthWorks and Halifax-based Seamark will then become subsidiaries under Matrix. The transaction, which requires shareholder and regulatory approval, is expected in mid-January. (October, 2009)
Lex Capital closes offering
Lex Capital Management Inc. announced that it has closed its first private equity fund, Lex Capital Partners, which raised a total of $36.52 million from investors in Saskatchewan, Manitoba and Alberta. The Regina-based fund will focus mainly on energy investments. Lex Capital will also join forces with other investment funds, such as labour-sponsored venture capital corporations and the provincial government's new investment fund, to provide risk capital to small privately held or publicly traded companies. (November, 2009)
Birch Hill Holds First Close on Fund Four
Birch Hill Equity Partners announced that it has raised $425 toward its fourth fund, with a final closing target of $850 MM. Birch Hill mid-market buyout firm based in Toronto. (November, 2009)
TD Capital Private Equity Investors has become Northleaf Capital Partners
Northleaf Capital Partners has completed its transition to an independent global private equity investment firm. Northleaf’s predecessor, TD Capital Private Equity Investors, was the private equity fund of funds and co-investment arm of TD Bank Financial Group, one of North America’s leading financial institutions. As Canada’s largest independent global private equity fund manager and advisor, Northleaf’s 40-person team will continue to manage over $2.8 billion in private equity fund commitments on behalf of institutional investors, including TD. (November, 2009)
Onex Completes Closing of Onex Partners III L.P.
Onex Corporation announced that at the end of December 2008 it completed the latest closing for its third large-cap private equity fund, Onex Partners III LP. In total, Onex has raised US$3.0 billion of third-party capital for OP III, more than a 50% increase from the prior Fund, and expects the final tally of third-party commitments to be up to US$3.5 billion. Onex believes that the investing environment will be rich with opportunities in the near future, and will be particularly attractive for value investors like it. (December, 2009)
BDC Announces Tandem Fund, Announces Investment of $75 million
The Business Development Bank of Canada announced it has selected the manager of a new private sector growth capital fund, Tandem Expansion Fund. The fund will provide financing to Canadian technology growth companies and fills a significant void in the Canadian market for growth capital. BDC, which played a leading role in the creation of the fund, will invest $75 million. These funds were provided by the Government of Canada, which allocated $75 million in the 2008 budget to support the creation of a new privately run venture capital fund. In addition to the $75 million investment from BDC, Tandem has received preliminary commitments from a number of institutional and private investors and expects a first close on the Fund of $300 million this summer. (December, 2009)
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