Briefing

Toronto-based Northleaf Capital Partners closes $300-million third venture fund

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Three-quarters of the money will be invested into venture capital funds, with the remaining quarter going to later-stage scale-ups. Northleaf has previously invested in Canadian firms like Shopify, Wattpad and Ecobee. In June 2018, the VC fund was named one of the winners of the federal government’s Venture Capital Catalyst Initiative, which split $350 million among five fund-of-funds. (Globe and Mail)

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Talking point: The Business Development Bank of Canada, the Canada Pension Plan Investment Board, Sun Life Financial and TD Bank have all invested in the fund. But it has also attracted capital from outside the country, including from Asia. Ian Carew, Northleaf director, said Canada has historically been overlooked by international investors considering North America. U.S. investors continue to be the major foreign players in the Canadian VC market, however—they accounted for 52.8 per cent of funding in Canadian tech companies in the first quarter of 2019, according to CPE Media.