CIBC Innovation Banking has provided financing, including a capital call line of credit, to Maverix Private Equity, a Canadian technology growth equity firm. The capital call facility will provide Maverix’s $500 million Fund I with flexibility to make investments in portfolio companies. No financial terms were disclosed.
CIBC Innovation Banking is pleased to announce it has provided financing solutions, including a Capital Call Line of Credit, to Maverix Private Equity (“Maverix”). The capital call facility provides Maverix with the flexibility to make investments in portfolio companies prior to calling capital from the fund’s limited partners.
Maverix announced the launch of its US$500 million growth fund in March, with a focus on technology-enabled growth and disruptive businesses across North America. The fund has attracted major Canadian pension funds and key institutional investors, including CIBC, to participate.
The investment strategy at Maverix is to take minority positions in established, high growth disruptive businesses in sectors such as healthcare and wellness, financial services, transportation and logistics, education technology and retail, that are seeking capital to fuel their expansion.
“CIBC Innovation Banking is excited to be working with Maverix and its management team,” said Rob Rosen, Managing Director, CIBC Innovation Banking. “Their pride in Canada and conviction to grow our domestic ecosystem will have a lasting impact on our country’s innovation ecosystem.”
“We are pleased to be partnering with CIBC Innovation Banking and its team,” said John Ruffolo, Founder and Managing Partner, Maverix. “Together we hope we can help shape the future of Canada.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.