Archived - Government of Canada Helps to Create Jobs and Growth With Investment in New Venture Capital Fund of Funds

November 18, 2014 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today announced the Government of Canada’s investment in Kensington Venture Fund, a private sector-led fund of funds, as the next step in the Government of Canada’s Venture Capital Action Plan (VCAP).

Kensington Venture Fund, the third fund of funds established under the VCAP, had its initial closing with $160 million in commitments—$107 million from institutional, corporate and individual investors, alongside $53 million from the Government of Canada.

Kensington Venture Fund will place an emphasis on investment opportunities in clean technology and energy technology as well as information and communications technologies, and will invest primarily in early-stage and mid-stage venture capital funds and directly in companies across Canada.

Kensington Capital Partners has been selected by lead investors to act as the general partner for the Fund, following a fair and competitive selection process led by the Venture Capital Expert Panel. Investment decisions will be made by Kensington Capital Partners based on market-based principles in order to maximize returns.

The Government of Canada has agreed to make a capital commitment of $1 for every $2 committed by private sector investors to the new Fund, up to a maximum of $100 million. The Fund will seek additional investors to reach its target size and anticipates holding a second closing in 2015.

The initial partners in the Fund are:

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance

Stéphanie Rubec
Media Relations
Department of Finance

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