The province of Ontario has signed a letter of intent with leading institutional investors—including OMERS Administration Corporation, RBC Capital Partners, Business Development Bank of Canada and Manulife Financial—to create a new $165 million venture capital fund.
“Working together with sophisticated corporate and institutional investors, we can help Ontario’s innovative thinkers take their ideas to the next level,” says Premier Dalton McGuinty.
Ontario is investing $90 million in this first round of the fund, with the remaining $75 million coming from the partner investors.
In round two, the government will seek additional private sector investors to grow the fund.
“OMERS is pleased to be an integral part of this initiative and looks forward to enhancing the market for venture and growth capital investment in Ontario,” says Paul Renaud, CEO of OMERS Capital Partners, the entity responsible for OMERS’s private equity investments.