TORONTO, June 4, 2015 – Kensington Capital Partners (Kensington) is pleased to announce the second closing of the Kensington Venture Fund (Fund) increasing total investor commitments to the Fund to $193 million. The Fund’s second closing adds Torstar Corporation to the list of investors, and includes increased commitments from RichardsonGMP and other investors who participated in the initial round.
“We appreciate the confidence and support of all of our investors,” said Rick Nathan, Managing Director, Kensington Capital Partners. “It is great to add new partners – and see increased commitments from some of our prior investors – as the portfolio gains traction with its investments.”
Launched in November 2014 with $160 million in initial investor commitments, the Fund received 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. The Fund began its investment program in November 2014, and has now completed investments in 6 Canadian based venture capital funds and direct investments in 4 Canadian companies.
“The current venture capital market remains very strong, and our pipeline of high quality investment opportunities continues to grow,” added Mr. Nathan. “In this environment, our team has been moving quickly to implement our strategy and assemble the core building blocks of our portfolio.”
The Kensington Venture Fund is a fund of funds investing in promising VC funds and technology companies in the IT, telecommunications, energy, cleantech, and digital media sectors. The fund remains open to new accredited and institutional investors until it reaches its maximum size of $300 million.
About Kensington Capital Partners
Kensington is a leading independent Canadian investor in alternative assets. Founded in 1996, and with over $700 million invested to date in private equity, venture capital, infrastructure and hedge funds, Kensington’s active management approach and relationship based business has generated top quartile returns for investors. For more information, visit www.kcpl.ca.
About the Government of Canada’s Venture Capital Action Plan (VCAP)
VCAP is a $400 million strategy launched in January 2013 to help increase private sector investments in early–stage risk capital, and contribute to a vibrant private sector–led venture capital sector in Canada. VCAP includes a commitment to establish up to four new or recapitalized private sector–led funds of funds with private sector investors and interested provinces. The Business Development Bank of Canada is facilitating the implementation of VCAP on behalf of the Government of Canada by providing independent expertise, undertaking due diligence, supporting negotiations with funds and other investors, and assisting in the deployment of VCAP investments.
For further information or to set up an interview, contact:
Kensington Capital Partners Limited