CDPQ commits $127 mln to Inovia early-stage, growth funds


Photo courtesy of Reuters/Christinne Muschi

Caisse de dépôt et placement du Québec (CDPQ) said it will invest about $127 million (US$100 million) in the fourth early-stage fund and new growth-stage vehicle of Inovia Capital.

CDPQ will commit US$75 million to the growth fund and US$20 million to the early-stage fund.

Charles Émond, CDPQ executive vice-president, Québec and global strategic planning, said the vehicles represent “another source of attractive future co-investment opportunities” for the Canadian pension system.

As reported by PE Hub Canada, Inovia, a Montréal-based technology venture capital firm, secured a total of about $800 million (US$600 million) for the two funds.

PRESS RELEASE

CDPQ reinvests close to USD100 million in iNovia Capital

MONTRÉAL, Feb. 19, 2019 /CNW Telbec/ – La Caisse de dépôt et placement du Québec (“CDPQ”) is participating, as an investor, in the creation of two new funds announced earlier today by iNovia Capital, a Québec venture capital firm. CDPQ will invest USD75 million (CAD100 million) for its fund targeting growing technology companies, and USD20 million (CAD27 million) will be earmarked for its fund for startups.

CDPQ has a long history with iNovia as a sponsor of its funds. Over the last few years, iNovia has also become an important co-investment partner for CDPQ’s teams. This has also led to direct investments in businesses in the new economy, such as Lightspeed, TrackTik and Poka.

In addition, iNovia Capital was one of the first investors to move into Espace CDPQ. Its presence in Place Ville Marie, alongside other actors in the Québec finance ecosystem, has encouraged cooperation between investors and led to co-investments with partners from Espace CDPQ, to the benefit of young technology companies.

“This transaction reflects our desire to reaffirm our commitment to leading venture capital managers in Québec, thereby ensuring the development of strong technology companies,” said Charles Émond, Executive Vice-President, Québec and Global Strategic Planning at CDPQ. “True to our strategy of supporting the best-performing and most promising companies in the funds in our portfolio, the creation of these two new funds represents another source of attractive future co-investment opportunities for CDPQ.”

“CDPQ has been a long time supporter, both as one of our important institutional investors across multiple funds as well as a co-investor in many portfolio companies,” says Chris Arsenault, co-founder and General Partner Inovia Capital. “We appreciate their long-term thinking and support towards building true category leaders.”

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2018, it held CAD308.3 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

For further information: Jean-Benoît Houde, Senior Advisor, Strategic Communications, +1 514 847-5493, [email protected]

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