Telus Ventures, BMO Financial Group, Alberta Enterprise Corporation and Investissement Québec are returning investors from Panache’s first fund. Ontario Capital Growth Corporation has joined as a new investor, along with several entrepreneurs, executives and family offices. (The Logic)

Talking point: Panache began raising the fund in the last quarter of 2021 and has so far made 12 investments. Managing partner Patrick Lor said that while individual investors’ interest began to wane with the rocky market this year, the firm managed to lock in commitments from major investors before then. “And we’re still talking to corporates and funds-of-funds that are still allocating,” Lor, who’s based in Calgary, told The Logic. The fund is nearly double the size of Panache’s earlier pool, a $58-million pre-seed and seed fund, which invested in about 100 companies. Lor said the team wants to do the same number or even fewer deals this time around, giving them room to cut bigger cheques—up to $1 million each—while mentoring portfolio companies.