Saskatchewan-based Investment Fund raises $55 million in subscription sales during 2012 RRSP Season
REGINA, March 8, 2012 /CNW/ - Saskatchewan investors have demonstrated their confidence in the strength of the province's economy by investing a record-breaking $55 million in the SaskWorks Venture Fund in 2012, helping the Fund achieve its second consecutive sell-out year!
The Fund's unprecedented raise was made possible by the Provincial Government's recent increase in SaskWorks' annual fundraising limit from $50 million to $55 million. The increase occurred in response to SaskWorks' $50 million fundraising season in 2011, the Fund's proven ability to invest capital in a timely manner, and Saskatchewan residents' demand for SaskWorks. Despite the increase to the annual fundraising limit, SaskWorks became fully-subscribed prior to the end of RRSP season.
An investment in SaskWorks Venture Fund allows Saskatchewan residents to diversify their portfolio with companies to which they would otherwise not have access: small- and medium-sized, privately-owned Saskatchewan businesses. Through the Provincial Government's "Invest in Saskatchewan" Program, shareholders are eligible to receive a 35% tax credit on their investment in the Fund.
"Saskatchewan residents want to add a piece of our province to their investment portfolio," says Michael Fix, Chair of the Fund's Board of Directors. "SaskWorks is a superb opportunity for Saskatchewan residents to place their investment dollars in local, privately-held companies and participate in a tax-efficient savings strategy."
Since the Fund's inception in 2001, SaskWorks has established itself as an industry leader, earning recognition as both the top-performing and top-selling Saskatchewan-based investment fund. "We've proven that investing in Saskatchewan works," says Randy Beattie, SaskWorks' President and CEO. "The Fund deploys the capital that local businesses need to achieve their growth plans. We've created or maintained 3,400 jobs in the province while giving the Fund's 24,000+ shareholders access to a portfolio that has consistently generated industry-leading returns.
Since SaskWorks' inception in 2001, the Fund has made 162 investments in 77 companies, invested more than $200 million into Saskatchewan's economy, and exited more than 33 companies resulting in proceeds of over $115 million and over $50 million in gains.
About SaskWorks Venture Fund
- SaskWorks is managed by PFM Capital Inc., a Regina-based private equity firm.
- Investing in SaskWorks allows Saskatchewan residents to diversify their portfolio with companies to which they would otherwise not have access: small- and medium-sized, privately-owned Saskatchewan businesses.
- SaskWorks makes direct investments in private companies.
- SaskWorks' longstanding commitment to the Fund's shareholders and the province of Saskatchewan has earned SaskWorks recognition as:
- The top performing Saskatchewan LSIF for six consecutive years*;
- The top selling Saskatchewan LSIF for five consecutive years; and
- The largest Saskatchewan LSIF by Assets Under Management.
- SaskWorks offers two share classes to help Saskatchewan residents meet their investment goals.
- The Diversified share class (Class A) invests primarily in the oil and gas, value-added agriculture and manufacturing sectors.
- The Resources share class (Class A-R), introduced in 2006, focuses on oil and gas and alternative energy solutions.
- In January 2011, SaskWorks made its largest investment to date in Hospitality Network ($13.65 million), the preferred provider of managed communication and entertainment solutions for the Canadian healthcare market.
- For more information or full portfolio listings, please visit www.saskworks.ca.
*As per GlobeFund.com as at January 31, 2012 based on 1, 3, 5 and since inception returns for class A and class A-R shares
For further information:
SaskWorks Venture Fund