BC Tech Fund to Invest in Lumira Capital IV, L.P.
Apr 04, 2017, 09:15 ET
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VANCOUVER, April 4, 2017 /CNW/ - Kensington Capital Partners Limited, the Manager of the BC Tech Fund, today announced a new investment by the Fund into Lumira Capital IV, L.P., a new health care and life science venture capital fund managed by Lumira Capital. Dr. Richard Glickman, Chairman and Chief Executive Officer of Victoria, B.C.-based Aurinia Pharmaceuticals (NASDAQ:AUPH) (TSX:AUP) and one of the Province's best-known and most successful healthcare entrepreneurs, has also been named a Partner of Lumira Capital.
"Government is pleased to see Kensington supporting a new B.C. platform for one of North America's leading health care and life science venture capital firms," said Teresa Wat, Minister of International Trade. "This new investment in Lumira Capital IV from our $100 million BC Tech Fund will establish an important new source of venture capital for B.C.-based health care and life science 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 is a key part of Government's plan to grow B.C.'s tech sector, by investing 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 Lumira Capital IV and strengthen the fundraising environment for life science and health care companies in B.C.", said Gerri Sinclair, Kensington Managing Director. "We believe it is very important to attract prominent investment firms to the Province from across all venture sectors. With this investment, we are fulfilling the BC Tech Fund mandate to build a robust venture capital ecosystem in the Province."
Lumira has increased its investment activity in B.C. in recent years from its team members based in Toronto, Montreal, Boston and San Diego. This trend is likely to continue given Dr. Glickman's prominence in the local B.C. community of healthcare innovators. The firm's growing presence in the Province led to a decision to hold its Annual General Meeting in Vancouver this week, providing their full team with an extended opportunity to visit with several emerging companies in the sector. Lumira's current B.C.-based investments include Aurinia Pharmaceuticals and Zymeworks.
"British Columbia is home to some of the most exciting biomedical innovations in the world," said Dr. Glickman. "I look forward to continuing to support entrepreneurs in the Province and this new commitment to Lumira will be an importance catalyst for financing and growing world-class life science companies here."
"We are very happy to have the BC Tech Fund as a Limited Partner, and continue to build our presence in the B.C. life science and health care community," said Peter van der Velden, Managing General Partner of Lumira Capital. "This new investment from the BC Tech Fund will help us to invest in the success of more B.C. companies."
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 Lumira Capital
Lumira Capital leverages over 25 years of experience as one of North America's leading healthcare and life sciences venture capital investors. The firm invests in biopharmaceutical, medical device, health IT and consumer health companies whose products deliver transformative improvements in the lives of patients worldwide. In addition to a longstanding presence in the U.S. with offices in Boston and San Diego, the firm continues to be the most active domestic health care investor in Canada, where it has offices in Toronto, Montreal and Vancouver. Visit www.lumiracapital.com for more information.
Not for Distribution to U.S. News Wire Services or Dissemination in the U.S.
This press release is not an offer to sell, or a solicitation of an offer to buy, any securities. The securities referred to in this news release have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933.
SOURCE Kensington Capital Partners Limited
For further information: Media Contact: Rui Hu, Marketing Coordinator, Kensington Capital Partners Limited, T: 416.362.2826, E: [email protected]
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