The Canadian Finance Ministry on Tuesday announced the creation of a venture capital fund of funds to be managed by Northleaf Capital Partners, the first such fund in the government's Venture Capital Action Plan.
Among the investors in the fund of funds, called Northleaf Venture Catalyst Fund, is the C$192.8 billion (US$175.7 billion) Canada Pension Plan Investment Board, Toronto.
The fund of funds had its initial closing with C$218 million in commitments, of which C$145 million is from institutional and corporate investors, according to a news release on the Finance Ministry's website. Its overall target is C$300 million.
The Canadian and Ontario governments each contributed C$36 million.
VCAP is a C$400 million program launched in January 2013 to help increase private-sector-led early stage venture capital investments in Canada, according to the Finance Ministry. The plan includes a commitment to establish up to four new or recapitalized private-sector-led funds of funds with private-sector investors and interested provinces.
Marie Prentice, Canadian Finance Ministry press secretary, could not be reached by deadline for further details.