Montreal-based fund manager Teralys Capital has raised $279 million in the first close of its new fund of funds created under the Canadian government’s Venture Capital Action Plan. The Teralys Capital Innovation Fund focuses on information technologies, life sciences, and clean or industrial innovations.
MONTREAL, Nov. 10, 2014 /CNW Telbec/ – Teralys Capital, Canada’s largest fund manager specialized in innovation, is proud to announce the $279 million initial closing of Teralys Capital Innovation Fund (the “Fund”), its new fund of funds created under the Government of Canada’s Venture Capital Action Plan (VCAP).
Teralys Capital was selected after an exhaustive review process that highlighted its team’s unique skills and leadership in Quebec and across Canada to rethink and implement a new venture capital ecosystem. VCAP builds on the same guiding principles as those followed for more than a decade in Quebec and which are at the core of Teralys’ mission: fostering the development of high potential innovative businesses which create jobs locally and enable profitable economic development.
A fund manager since 2009, Teralys Capital builds on initiatives initially launched by the Caisse de dépôt et placement du Québec, the Fonds de solidarité FTQ and Investissement Québec, to which now participate the Government of Canada, new leading institutional investors such as Fondaction CSN, National Bank of Canada, and Desjardins Group, as well as world-class industrial companies such as Knight Therapeutics (TSX : GUD) and OpenText Corporation (NASDAQ : OTEX, TSX : OTC).
The Fund is the only Canadian investor dedicated to all sectors of the knowledge economy – information technologies, life sciences, and clean or industrial innovations. It will cover all investment stages from start-up to expansion and growth, providing innovative businesses the skills and capital required along every step of their development.
“Innovation and support to entrepreneurs drive all our actions at Teralys Capital”, said Jacques Bernier, managing partner at Teralys Capital. He added: “The Fund intends to seek top tier financial returns by structuring investments in private venture capital funds specialized in innovation. On a long-term basis, these investments will support a profitable and globally competitive venture capital industry, and will allow skilled managers to emerge and to attract the funds required to accelerate the growth of our best local businesses”.
About Teralys Capital
Teralys Capital is a fund manager financing private venture capital funds investing in innovative businesses in information technologies, life sciences, and clean or industrial innovations. With more than $1.5 billion in assets under management across two venture capital funds of funds and a management mandate for two additional portfolios of funds, Teralys is the largest investor focused on innovation in Canada. Teralys has been supported since inception in 2009 by its many partners including the Caisse de dépôt et placement du Québec, the Fonds de solidarité FTQ and Investissement Québec. Visit www.teralyscapital.com for more information.