TORONTO, ONTARIO--(Marketwired - Mar 3, 2016) - Kensington Capital Partners announced today the final closing of the Kensington Venture Fund after exceeding its target of $300 million in investor commitments. The Fund, which raised a total of $306 million, received its most recent commitments from a mix of wealth managers, private foundations, and individual investors.
"This is a great time to be investing in technology in Canada," says Rick Nathan, Managing Director of Kensington Capital Partners. "Our significant talent pool, vibrant startup environment, and improved access to capital - through the Kensington Venture Fund and other funding sources - make Canada a great place to build a technology company and grow it to scale."
The new wealth managers, private foundations, and high net worth individuals that most recently invested in the Kensington Venture Fund join a notable group of existing investors including BMO Financial Group, CIBC, OpenText Corporation, Richardson GMP, Royal Bank of Canada, Scotiabank, TD Bank Group, Torstar Corporation, and the Government of Canada.
Focus on Central and Western Canada
The Kensington Venture Fund is a fund of funds investing in promising Canadian-based VC funds and technology companies; it will also pursue select investment opportunities in the United States. Within Canada, where Kensington has offices in Toronto and Calgary, the Fund pays close attention to Central and Western Canada, targeting investments in Ontario, Alberta, and British Columbia across key technology sectors and stages.
An active investor in Western Canada for more than a decade, Kensington Capital Partners has invested approximately $100 million in each of BC and Alberta from across its various managed funds. Kensington is continuing this focus with the Kensington Venture Fund, including as the lead investor in Vanedge II - BC's leading venture fund - following a January 2016 investment.
Nathan adds, "Both of these markets are great places to invest. BC is home to many of Canada's most successful and innovative emerging new companies, has a highly experienced talent pool that can benefit from better access to capital, and offers great proximity to Silicon Valley while providing a gateway to Asian markets. Alberta is the core of Canada's energy sector, with many new opportunities emerging in related cleantech and energy technologies."
Kensington attracts new investors
The Kensington Venture Fund launched in November 2014 following a lead investment from the Government of Canada's Venture Capital Action Plan (VCAP), a $400 million strategy designed to increase private sector investments in emerging Canadian technology companies.