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Ontario Venture Capital Fund makes commitment to Ontario-based EdgeStone Capital Venture Fund III
TORONTO, April 8 /CNW/ - The Ontario Venture Capital Fund (OVCF) today announced that it has made a commitment of $20 million to EdgeStone Capital Venture Fund III (EdgeStone), an Ontario-based venture capital fund focused on early and growth stage Canadian information technology companies. "We are delighted to include EdgeStone, a leader in the venture capital community, as part of the OVCF portfolio," said Melissa McJannet, Managing Director of TD Capital Private Equity Investors, the manager of OVCF. "Our commitment to EdgeStone underscores OVCF's strategy of strengthening Ontario's venture capital industry by investing in managers capable of generating top-tier returns." By providing capital to promising Ontario funds, OVCF seeks to promote the ability of the province's venture capital sector to support innovative, high-growth companies in Ontario by making it easier for them to find the capital, expertise and support they need. EdgeStone is an established venture capital fund managed by a team of five investment professionals with a mix of operating, technical, and financial experience. The EdgeStone team has more than 50 years cumulative experience investing in and operating highly successful Canadian growth companies. EdgeStone's track record of successful investments includes Ontario-based companies such as Workbrain, SlipStream Data, Protus IP Solutions, and Varicent. As the lead investor in EdgeStone Capital Venture Fund III, OVCF's commitment will assist the fund in reaching its first close milestone of $100 million and achieving its ultimate target of $150 million in total capital commitments. "We are looking forward to continuing to add to the OVCF portfolio," adds McJannet. "We are working diligently to ensure that the Fund's capital continues to be invested with best-in-class venture capital fund managers and are confident that OVCF will continue to serve as a catalyst in the ongoing efforts to encourage the development of a profitable, globally competitive and self-sustaining venture capital industry in Ontario. Over the past months we have developed a robust pipeline of potential additional fund investments as well as direct co-investment opportunities where OVCF will invest in high-potential Ontario-based companies alongside leading fund managers." "We are very excited to have gained the support of OVCF for our third venture capital fund," said Bryan Kerdman, Partner responsible for Venture investing at EdgeStone. "We are pleased to continue to add to our investor base as we continue to build on our successful, proven strategy of investing in promising technology companies and assist in their ongoing development as successful businesses." About the Ontario Venture Capital Fund The $205 million Ontario Venture Capital Fund is a joint initiative between the Government of Ontario and leading institutional investors to invest primarily in Ontario-based and Ontario-focused venture capital and growth equity funds that support innovative, high growth companies. OVCF is structured as a fund of funds with the primary objective of generating attractive returns for its investors. The Fund is managed by TD Capital Private Equity Investors. For more information on OVCF, go to www.ovcf.com. About EdgeStone Founded in 1999, EdgeStone Capital Partners is one of Canada's leading private capital managers. Based in Toronto, EdgeStone manages over $2.5 billion in capital. EdgeStone's venture fund was created in 2000 to focus on Canadian early to mid-stage technology companies. The EdgeStone Capital Venture Funds provide capital to early and mid-stage technology companies whose technology is substantially complete and already tested. EdgeStone is a member of the GMP Capital Trust group of companies. For more information on EdgeStone, go to www.edgestone.com.
For further information: Julia Koene, Corporate & Public Affairs, TD Bank Financial Group, (416) 307-8664, email@example.com.; Samuel L. Duboc, President and Managing Partner, EdgeStone Capital Partners, (416) 860-3760, firstname.lastname@example.org
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