MONTRÉAL, Nov. 19, 2015 /CNW Telbec/ - According to data published by the Canadian Venture Capital & Private Equity Association, the Fonds de solidarité FTQ ranked first among Canadian financial institutions for the number of private equity investments, with 39 deals in the first nine months of 2015.1
Moreover, five of the Canadian private venture capital funds in which the Fonds de solidarité FTQ invested are among the ten most active VC firms in the country, namely Real Ventures, iNovia Capital, Relay Ventures, Cycle Capital and Lumira Capital.2 The Fonds invested $119 million in these funds, which have a combined capitalization of $496 million.
"These data once again show just how vital the Fonds de solidarité FTQ is to the Québec and Canadian economies," said Gaétan Morin, the organization's president and CEO. "Created from a bold initiative in 1983, the Fonds has since become a major contributor to economic development and job creation, and plays an important role in helping workers adequately plan for retirement thanks to the tax credits granted to its over 600,000 middle-class shareholders."
With $640 million invested in 2014-2015, the Fonds is well on its way to achieving the $1.6-billion target set in its three-year development capital plan (2014-2017). The reinstatement of the federal labour-fund tax credit promised by Prime Minister Trudeau in February is essential for the Fonds to maintain its investment pace.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.1 billion as of May 31, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec's development. The Fonds is a partner, either directly or through its network members, in more than 2,550 companies. With 610,605 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.FondsFTQ.com.
1 Canadian Private Equity Market Overview: First Nine Months of 2015 http://www.cvca.ca/wp-content/uploads/2015/11/FINAL-Private-Equity-First-3Q.pdf
2 Canadian Venture Capital Market Overview: First Nine Months of 2015: http://www.cvca.ca/wp-content/uploads/2015/11/FINAL-Venture-Capital-First-3Q.pdf
SOURCE Fonds de solidarité FTQ
For further information: For media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: 514 850-4835, Mobile : 514 703-5587, Email: [email protected]; For Fonds de solidarité FTQ shareholders: Shareholder Services, Fonds de solidarité FTQ, Montréal: 514 383-3663, Québec: 418 628-3663, Toll Free: 1 800 567-3663