The Montreal-based VC firm will cap fundraising at $500 million, and make eight to 10 investments of $25 million to $75 million in energy storage, renewable power and EVs. New investors include Desjardins, Investissement Québec, TD Bank and National Bank of Canada, along with family offices. The fund will focus on North American cleantech companies, with 80 per cent in Canada—half of which will likely be Quebec companies, according to Idealist Capital co-managing partner Pierre Larochelle. (The Logic)

Talking point: The fund aims to help mid-sized startups scale up. “There’s a real void and a gap in the capital markets and private markets for capital that’s there to take proven technology and effectively invest in a solution to execute and commercialize it,” Larochelle told The Logic. “We are in active discussions with four or five businesses, three of which are in Quebec.” Idealist expects to make its first investment in four to five months.