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The RBCx Growth Fund will invest in sectors such as energy, agriculture, AI, health care and defence. Sid Paquette, the head of the bank’s technology banking and innovation arm, will lead the fund. RBC will contribute up to $416 million, with the rest coming from investors. (The Logic)
Talking point: Along with providing equity financing, RBC said, the fund will help give companies more opportunities to commercialize, strike strategic partnerships and expand their businesses. Chief executive Dave McKay said the idea is to help great companies scale and stay in Canada. “For decades, Canada has produced an outsized share of world-class entrepreneurs and tech talent who want to build global companies at home,” McKay said in a press release. “But when they’re ready to scale, too often they get pulled elsewhere.” The bank did not name the other investors backing the fund, but said there has been “significant interest” from global investors drawn to Canada as “one of the world’s best places for long-term investment.”
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