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Venture Capital Northleaf

Published on August 5th, 2014 | by Ted Liu

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Northleaf Venture Catalyst Fund holds second closing

Northleaf Capital Partners has recently held a second close for Northleaf Venture Catalyst Fund (NVCF), the first fund of funds to be established under the Government of Canada’s Venture Capital Action Plan (VCAP), bringing total commitments to date to $233.5 million.

Manulife Financial joins existing LPs, BDC Capital Inc. on behalf of the Government of Canada, Ontario Capital Growth Corporation, Canada Pension Plan Investment Board (CPPIB), BMO Financial Group, Canadian Imperial Bank of Commerce, National Bank of Canada, RBC Royal Bank of Canada, Scotiabank, TD Bank Group, and OpenText Corporation.

Northleaf Venture Catalyst Fund has an overall target size of $300 million. The Governments of Canada and Ontario have agreed to make a combined capital commitment of $1 for every $2 committed by private sector investors to NVCF, up to a maximum of $50 million each.

“We sincerely appreciate the support for NVCF from our newest investor in the Fund, Manulife Financial,” said Jeff Pentland, Managing Director of Northleaf Capital Partners, the manager of NVCF. “Manulife’s commitment comes with increased commitments from both BDC Capital Inc. on behalf of the Government of Canada and the Government of Ontario. These commitments will enable us to continue NVCF’s successful strategy of investing in promising Canadian funds and companies that contribute to the development of a profitable, globally competitive and self-sustaining venture capital industry in Canada.”

Northleaf Venture Catalyst Fund began its investment program in January 2014 and has made six investments to date: commitments to three VC funds: XPV Capital, Georgian Partners and Versant Ventures, and three direct co-investments, Wattpad, Vision Critical and Silanis.

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About the Author

Ted is an editor of CanadianPrivateEquity.com and Research Director for CVCA - Canada's Venture Capital and Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.



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