Briefing

Hamilton Lane drops out of Ottawa’s venture capital fund-of-funds program

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The federal government awarded the Philadelphia-headquartered asset manager nearly $80 million under the Venture Capital Catalyst Initiative (VCCI), which gives investment firms money toward new funds that invest in Canadian tech companies. The firm had until the end of this June to secure the matching private-sector capital, and had originally aimed for a $275-million fund. But it only received Ontario Securities Commission approval to raise funds last May. (The Globe and Mail)

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Talking point: The firm was the newcomer to Ottawa’s VC seed-funding program—HarbourVest Partners, Kensington Capital Partners, Northleaf Capital Partners and Teralys Capital, who split the rest of the initial $350-million pot, all participated in the VCCI’s predecessor. Hamilton Lane hired Mike Woollatt, the former Canadian Venture Capital and Private Equity Association CEO, to run its new Toronto office, but couldn’t lock down the additional funding; the other firms raised from major financial institutions or institutional investors. The government has yet to decide where to reallocate the nearly $80 million, but it has previously set up additional $50-million VCCI streams for fund managers focused on underrepresented groups and clean technology, respectively.