The Toronto-based financier’s new fund will focus on later-stage AI startups, sources told the Financial Times. Radical Ventures did not provide comment. In its financial results Wednesday, the Canada Pension Plan Investment Board disclosed it had committed US$75 million to the fund, putting its total commitment to Radical at US$204 million. (Financial Times, The Logic)

Talking point: Managing partner Jordan Jacobs and Tomi Poutanen founded Radical in 2017 while running startup Layer 6, converting it to an institutional fund after selling the firm to TD Bank. Radical’s portfolio includes notable AI firms like Cohere in large language models, Artificial Agency in gaming, Covariant in robotics and Untether AI in chips. It’s been the first cheque into some of those startups. Radical had US$357 million under management prior to this raise, according to PitchBook data. With AI companies continuing to attract significant amounts of venture capital, the new fund could let the firm continue to back its current winners and buy into others at later stages.