Kensington Awarded a New Mandate by Government of Canada
The Government of Canada has just announced the successful applicants to its renewed venture capital investment program, the Venture Capital Catalyst Initiative (VCCI). We are delighted to announce that Kensington has been awarded a renewed mandate under the program, leading to the launch of our new Kensington Venture Fund III.
Our new Fund will have a total size of $290 million, with the Government investing 25% of the total. The VCCI program is designed to strengthen the Canadian venture market by building a larger pool of available capital. The Fund has been designed by the Government to attract investors, through a special incentive structure that reduces risk.
Kensington has been investing in this sector for more than 15 years, with over $1.5 billion invested to date in venture capital and technology growth. This includes our two prior venture funds under similar Government mandates, as well as our other Kensington funds.
“We are delighted that the Government of Canada has once again chosen Kensington as a VCCI fund manager,” said Rick Nathan, Senior Managing Director of Kensington Capital Partners. “We are especially proud to have been awarded a mandate for a fund of roughly double the size of our last fund, representing a strong endorsement of our Kensington team and our performance track record.”