Archived - Government Remains Committed to Creating Jobs and Growth by Supporting Venture Capital Investment in Canada

April 15, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today announced the Government of Canada’s investment in HarbourVest Canada Growth Fund, a private sector-led fund of funds under the Government of Canada’s Venture Capital Action Plan.

HarbourVest Canada Growth Fund, the last of the four private sector-led funds of funds to be established under the Venture Capital Action Plan, had its initial closing with $197.2 million in commitments—$131.5 million from institutional and corporate investors, alongside $65.7 million from the Government of Canada. The Fund will place an emphasis on investment opportunities in information and communications technologies, and will invest primarily in early-stage and mid-stage venture capital funds and directly in companies across Canada.

HarbourVest 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 private sector Venture Capital Expert Panel. HarbourVest Partners, a top-tier firm headquartered in Boston (U.S.), recently established an investment office in Toronto. Investment decisions will be made by HarbourVest Partners based on market-based principles in order to maximize returns.

The initial partners in the Fund are:

Melissa Lantsman
Director of Communications
Office of the Minister of Finance

Stéphanie Rubec
Media Relations
Department of Finance

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