Canadian bank CIBC has established a C$450 million fund to invest in key Canadian and US-based venture capital and growth equity funds. The initiative builds on other recent limited partner commitments by CIBC in a diverse range of North American technology-focused fund strategies. CIBC is the sponsor of CIBC Innovation Banking, a technology lender active in North America, the UK and select European countries.
CIBC is pleased to announce the creation of a $450 million fund dedicated to investing in key Canadian and U.S.-based venture capital and growth equity funds.
“As CIBC continues to deepen relationships with highly successful investors in the North American tech, life science and clean tech sectors, dedicating a new pool of capital to invest in our core fund sponsor clients is a natural next step in enabling growth in these important sectors,” said Mark McQueen, President & Executive Managing Director, CIBC Innovation Banking, CIBC. “This capital will fuel the growth in leading start-ups as part of each fund manager’s multi-year investment strategy.”
Over the past three years, CIBC has made financial commitments as a Limited Partner to 12 Canadian-based venture capital and growth equity funds, covering every stage of the entrepreneurial lifecycle. The underlying fund strategies have included woman-led startups, Fintechs, disruptive tech and early stage software companies. These financial commitments are above and beyond CIBC’s previously-announced leadership role in the establishment and early capitalization of the Canadian Business Growth Fund.
CIBC has recently doubled its capital commitment to venture fund investing and is now making Limited Partner investments in select later-stage, U.S.-based growth equity funds supporting the tech and life science sectors.
“We believe our bank has a broad role to play in supporting the advancement of innovation across North America, including high growth sectors such as tech and life sciences, and clean tech,” added Mr. McQueen. “Our commitment to the renewables and clean energy sectors takes many forms, and partnering with leading Fund managers in this way is another avenue for CIBC to build a best-in-class franchise with global perspectives.”
Since the launch of CIBC Innovation Banking in early 2018, CIBC has grown both its footprint and team to now cover 11 key innovation ecosystems across North America, and recently expanded to the UK with the opening of a new London office.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, 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.