MONTREAL, April 27 /CNW Telbec/ - The Caisse de dépôt et placement du
Québec, the Solidarity Fund QFL and the Québec government today confirmed the
creation of the Teralys Capital Fund, which will finance private venture
capital funds that invest in technology companies in sectors that include life
sciences, information technology and clean technology.
The creation of the Teralys Capital Fund is an initiative of the Caisse
de dépôt et placement du Québec and the Solidarity Fund QFL, which are each
contributing $250 million. The Québec government is contributing $200 million
through Investissement Québec. The fund will also solicit other institutional
and private investors to raise an additional $125 million, for a total
objective of $825 million.
"For the Caisse, this announcement is an important stage of the venture
capital strategy whose first phase was put in place in 2004," stated Michael
Sabia, President and Chief Executive Officer of the Caisse de dépôt et
placement du Québec. "The creation of this fund of funds is a new initiative
that will enable us to use a common strategy to enhance the impact of our
efforts and attract private investors through sound diversification. By
confirming our involvement in this new phase, we are completing an initiative
begun more than a year ago. I am especially pleased to announce it today, in a
context in which Québec's companies have an even greater need for access to
capital. This initiative reflects the Caisse's commitment to investing in
innovative technology companies," he added.
"It is important for the Solidarity Fund to develop this sector of
activity, and that is why we have invested almost $2 billion in it over the
past 25 years, in addition to having worked with the Caisse and the government
to put in place a new business strategy in 2004. The strategy not only
attracts foreign capital to Québec, but also enables Québec companies to
develop business relations with foreign companies. Our financial ecosystem has
all the attributes to anchor Québec in the components of the knowledge
economy: from education to R&D, product development and marketing. With the
creation of the Teralys Capital Fund, we are starting the second phase of the
strategy, and this stage will be instrumental in ensuring the success of our
entrepreneurs. Our investment in this new fund is in line with our
determination to support Québec companies at all phases of their development.
We are proud to continue our commitment with the same major economic players,"
stated Yvon Bolduc, President and Chief Executive Officer of the Solidarity
"This partnership meets our objective of mobilizing to help Québec
companies set themselves apart and start preparing right away for a strong,
sustainable recovery," stated Raymond Bachand, Minister of Finance and
Minister of Economic Development, Innovation and Export Trade. "With its size,
the fund will provide a powerful economic lever for our technology companies
and will help ensure the development of our leading-edge sectors, in Québec
and elsewhere," he explained.
Québec has more than 9,000 technology companies with almost 220,000
employees and annual revenues of $26.5 billion. "The creation of the Teralys
Capital Fund is excellent news for Québec's economic development and our
technology companies," Mr. Bachand concluded. The fund is one of the
mobilizing economic measures set out in the 2009-2010 budget announced by the
Québec government on March 19.
With the best business practices, the new fund should appeal to private
Canadian investors and also attract foreign investors to Québec, encouraging
the formation of international partnerships. The partners have selected
Jacques Bernier, a recognized Québec venture capital manager, to oversee the
fund. Until only recently he was Strategic Adviser to the Solidarity Fund QFL,
which he joined in 2004 as Senior Vice-President, ICT. Mr. Bernier has
in-depth knowledge of the venture capital sector and played a key role in the
development and implementation of a new approach to venture capital in Québec.
As an entrepreneur and an institutional investor specializing in technology
innovation in Québec, Mr. Bernier has been directly involved in the startup of
a dozen technology companies.
About the Caisse
The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and insurance
plans. It held $120.1 billion of net assets as at December 31, 2008. As one of
the leading institutional fund managers in Canada, the Caisse invests in the
main financial markets as well as in private equity and real estate. For more
About the Solidarity Fund QFL
With net assets of $6.2 billion as at November 30, 2008, the Solidarity
Fund QFL is a development capital company that through its RRSP channels the
savings of Quebecers into investments in all sectors of the economy to help
create and maintain jobs and to further Québec's economic growth. The Fund is
a partner, either directly or through its network members, in 1,881 companies.
It has nearly 575,000 shareholders and has helped, on its own or with other
financial partners, to create, maintain and protect more than 126,000 jobs.
For more information: www.fondsftq.com.
For further information:
For further information: Maxime Chagnon, Director, Media Relations,
Caisse de dépôt et placement du Québec, (514) 847-5493; Josée Lagacé, Senior
Press Relations and Communications Adviser, Solidarity Fund QFL, (514)
850-4835; Anne-Sophie Desmeules, Press Attaché, Office of the Minister of
Finance, Minister of Economic Development, Innovation and Export Trade and
Minister Responsible for the Montréal Area, (418) 691-5650