Northleaf Capital Partners has hit the $300 million hard cap on Northleaf Venture Catalyst Fund. The fund, the first under Canada’s Venture Capita Action Plan, has already deployed about 50 percent of its capital to six venture managers and several direct investments. The final closing includes commitments from Sun Life Financial and high net worth and family office investors.
Northleaf Capital Partners (“Northleaf”) is pleased to announce that Northleaf Venture Catalyst Fund (“NVCF” or the “Fund”) recently held its final closing achieving its maximum fund size of $300 million. The Fund’s final closing included new commitments from Sun Life Financial and a number of high net worth and family office investors, as well as additional commitments from existing NVCF investors. As part of Northleaf’s broader global private markets investment business, the successful closing of NVCF brings Northleaf’s total capital commitments to approximately $6.9 billion.
“Northleaf Venture Catalyst Fund is the first fund under the Federal Government’s Venture Capital Action Plan to reach its maximum fund size – and we are delighted with this milestone,” said Finance Minister Joe Oliver. “The additional capital will help ensure the country’s venture capital ecosystem is stronger, while encouraging a more innovative economy.”
“I am pleased that Northleaf Venture Catalyst Fund has reached this significant milestone,” said Reza Moridi, Ontario’s Minister of Research and Innovation. “Achieving the $300 million target demonstrates success of the “fund of funds” model employed here in Ontario. This is a great example of how Ontario is supporting a dynamic and innovative economy where start-up ventures can grow, prosper and compete on a global scale.”
“We are thankful for the support we have received for NVCF from both new and existing investors,” said Jeff Pentland, Managing Director of Northleaf Capital Partners, the manager of NVCF. “NVCF is designed to construct a portfolio of best-in-class Canadian venture capital and growth equity funds and high potential companies – an investment strategy and approach that will continue to contribute to the development of a profitable, globally competitive and self-sustaining venture capital industry in Canada. We are working to build out the remaining portfolio and are excited by the promising pipeline of near-term investment opportunities.”
Since its launch in January 2014, NVCF has built an attractive, distinctive and well-diversified portfolio of investments – having already committed approximately 50% of the Fund’s capital to six leading venture capital fund managers (XPV Capital, Georgian Partners, Versant Ventures, Golden Venture Partners, Version One Ventures and Relay Ventures) and to several direct investments in innovative, high-growth Canadian companies, including Wattpad, Vision Critical, Silanis, eSentire and FreshBooks. NVCF’s primary objective is to generate attractive, long-term returns for its investors and by doing so, clearly demonstrate the significant opportunities available through investment in Canadian venture capital and growth equity funds and companies.
About Northleaf Venture Catalyst Fund
Northleaf Venture Catalyst Fund is a joint initiative between major Canadian institutional investors and the governments of Canada and Ontario to invest primarily in Canada-based venture capital and growth equity funds and direct co-investments that support innovative, high-growth companies. NVCF is structured as a fund of funds with the primary objective of generating attractive returns for its investors. The Fund is managed by Northleaf Capital Partners. For more information on Northleaf, visit www.northleafcapital.com.