HarbourVest closes venture capital investment fund to new investors
TORONTO, April 5 (Reuters) - Private equity investor HarbourVest Partners said on Tuesday its C$375 million ($285 million) fund mostly dedicated to investing in venture capital funds that back Canadian companies was now closed to new investors.
The HarbourVest Canada Growth Fund is among a handful of funds created under a plan launched by Canada's former Conservative government in early 2013 to match and attract private-sector funding for local startups.
HarbourVest said it has so far funneled cash to Canadian funds run by Avrio Ventures, Genesys Ventures, Georgian Partners, Golden Venture Partners, Information Venture Partners, Inovia, and McRock, and invested directly in Intelex, a Toronto-based environmental and health and safety software company.
It has also backed Battery Ventures, Index Ventures, and Spark Capital, three U.S. fund managers who invest in Canada.
Limited partners account for two-thirds of the fund, which HarbourVest said was oversubscribed. The federal government invested the remainder via BDC Capital Inc. ($1 = 1.3178 Canadian dollars) (Reporting by Alastair Sharp; Editing by Paul Simao)
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