The Toronto- and London-based firm, co-led by former Canada Pension Plan Investment Board CEO Mark Machin, along with Mark Shulgan and Ajay Agrawal, closed the fund at US$25 million above its target. Intrepid’s limited partners include Temasek, Abu Dhabi Investment Council, British Business Bank, Export Development Canada and Business Development Bank of Canada. (The Logic)

Talking point: The firm, which was founded in 2023, has made nine investments so far, including in Toronto-based StackAdapt and three other Canadian companies. “We are in the midst of a profound period of technology-driven change,” Machin said in a press release, adding that “capturing the opportunity it creates will require different and deeper thinking, and disciplined capital.” Intrepid is among the few Canada-based investment firms focused on growth-stage companies—those that have scaled beyond the startup phase. Investors and entrepreneurs often cite the lack of growth-stage funding in Canada as a main reason domestic companies move abroad or raise from foreign investors as they scale.

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