First Fund-of-Funds Investment Supports Firm's Strong Track Record of Venture Investing
VANCOUVER, Nov. 1, 2016 /CNW/ - Kensington Capital Partners, the Manager of the BC Tech Fund, today announced a new investment by the Fund into Vancouver's Vanedge Capital II. The commitment to Vanedge II is the first investment by the BC Tech Fund into a BC-based venture capital fund. Vanedge II is continuing the successful investment strategy pursued by Vanedge in its first fund, focusing on emerging technology companies in Cloud Computing and Infrastructure, SaaS, Cybersecurity and Digital Media.
"This is the second investment from our $100 million BC Tech Fund and part of Government's plan to grow BC's tech sector," said Amrik Virk, Minister, Technology, Innovation and Citizens' Services. "Kensington's investment in Vanedge Capital II is the first investment in a tech fund and will in turn, provide investment in multiple B.C.-based tech companies, catalyzing economic growth, investment and jobs for the province."
The BC Tech Fund is allocating capital to support innovative, highly scalable companies for the development of a world-class venture capital ecosystem in British Columbia. The BC Tech Fund invests in venture capital funds and emerging technology companies throughout the Province, across ICT, digital media, clean tech, and life sciences/healthcare.
"We are very pleased to become an investor in Vanedge II and continue to strengthen our relationship with the Vanedge team", said Gerri Sinclair, Kensington Managing Director. "Vanedge is a pillar of the BC venture capital ecosystem with a market leading track record of investment performance, working with promising BC technology companies to help them scale their businesses."
Vanedge Capital has an established track record as a venture investor, delivering returns to limited partners through exits of companies acquired by tech leaders like Intel, General Electric, Workday and Splunk. As a leading venture capital firm in Western Canada, Vanedge Capital consistently leverages its close ties to Silicon Valley and its deep network in Canada to drive competitive advantage for its portfolio companies.
"We are honoured to have the BC Tech Fund as a Limited Partner, and continue our long-standing relationship with the Kensington team," said Paul Lee, Managing Partner, Vanedge Capital. "Our partnership with the BC Tech Fund will help us achieve the scale we need to build stronger, more successful companies."
"I spent 10 years as an entrepreneur building a leading technology company here in British Columbia. Regional investors backed me throughout that process, so when I looked to the next chapter of my career I wanted to do the same for other entrepreneurs," said Moe Kermani, Managing Partner, Vanedge Capital. "Having the BC Tech Fund backing Vanedge will ensure more Canadian companies can compete on the global stage and build world-class technology."
About the BC Tech Fund
Launched in October 2016, the BC Tech Fund is a $100 million fund investing in venture capital funds and technology companies based in the Province of British Columbia. The BC Tech Fund is part of the #BCTECH Strategy to grow BC's technology sector.
The BC Tech Fund is managed by Kensington Capital Partners, an independent Canadian investment firm with offices in Vancouver, Toronto and Calgary. Kensington's active management approach and relationship based business has generated top quartile returns for investors, consisting of institutional investors such as pension and endowment funds, foundations, corporations, wealth managers, and individuals. For more information visit, www.kcpl.ca.
About Vanedge Capital
Vanedge Capital is a Vancouver based early-stage venture capital fund investing in technology inflection points in cloud computing, artificial intelligence, cyber security, SaaS and digital media. As entrepreneurs and investors, we have built and led world-class companies using a unique combination of operating leadership and management; subject matter expertise; relationships with technology, creative, and management talent. Vanedge has over $250 million in assets under management and has had six successful exits. For more information, visit www.vanedgecapital.com.
SOURCE Kensington Capital Partners Limited
Image with caption: "Kensington Capital Partners Limited (CNW Group/Kensington Capital Partners Limited)". Image available at: http://photos.newswire.ca/images/download/20161101_C5242_PHOTO_EN_808582.jpg