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The Honourable Jim Flaherty, Minister of Finance, announced Friday an important step in implementing the Harper Government’s Venture Capital Action Plan, a comprehensive approach to funding innovative companies, while supporting growth and job creation in Canada. The Government is inviting interested parties to submit their candidacy to act as a General Partner and Manager to manage a fund of funds established or recapitalized through the Venture Capital Action Plan. For each fund of funds, the selected candidate will invest and manage total committed capital ranging from $300 million to $400 million. It is expected that the General Partner will commit its own resources and secure some of the private sector investors for the fund. To qualify for consideration, candidates should have experience managing funds of funds, venture capital funds or another similar vehicle, and have, or be prepared to establish, a substantial presence in Canada. Interested parties should submit an expression of interest by June 3, 2013. The Government is also inviting expressions of interest from high-performing venture capital funds seeking a potential investment from the Government under the Venture Capital Action Plan. To qualify for consideration, high-performing funds are expected to be broadly focused on key growth sectors where Canada can be competitive globally, have already or are expected to shortly hold a “first closing”, and have a substantial presence in Canada. Venture capital funds should submit an expression of interest by May 27, 2013. Additional information on the Venture Capital Action Plan, including guidelines and frequently asked questions related to both selection processes, is available herewith.
 www.fin.gc.ca/vcap-pacr/selection-eng.asp |
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