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HarbourVest closes venture capital investment fund to new investors

Published 2016-04-05, 01:18 p/m
© Reuters. HarbourVest closes venture capital investment fund to new investors

TORONTO, April 5 (Reuters) - Private equity investor
HarbourVest Partners said on Tuesday its C$375 million ($285
million) fund mostly dedicated to investing in venture capital
funds that back Canadian companies was now closed to new
investors.
The HarbourVest Canada Growth Fund is among a handful of
funds created under a plan launched by Canada's former
Conservative government in early 2013 to match and attract
private-sector funding for local startups.
HarbourVest said it has so far funneled cash to Canadian
funds run by Avrio Ventures, Genesys Ventures, Georgian
Partners, Golden Venture Partners, Information Venture Partners,
Inovia, and McRock, and invested directly in Intelex, a
Toronto-based environmental and health and safety software
company.
It has also backed Battery Ventures, Index Ventures, and
Spark Capital, three U.S. fund managers who invest in Canada.
Limited partners account for two-thirds of the fund, which
HarbourVest said was oversubscribed. The federal government
invested the remainder via BDC Capital Inc.
($1 = 1.3178 Canadian dollars)

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