Investissement Québec, Fondaction and FSTQ invest in Teralys Capital Innovation Fund 2018 L.P.
October 31, 2018
85.20 Million CAD
On October 31, 2018, Investissement Québec (“IQ”), Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi (“Fondaction”), and Fonds de solidarité des travailleurs du Québec (F.T.Q.) (“FSTQ”) completed their investment as anchor investors in Teralys Capital Innovation Fund 2018 L.P., a fund of funds created by Teralys Capital (“Teralys”) aimed at innovation, and arising from the Government of Canada’s Venture Capital Catalyst Initiative (VCCI) carried on by the Business Development Bank of Canada (“BDC").
IQ is a financing and business advisement company that helps various organizations establish themselves and thrive in Québec . Fondaction, the Confederation of National Trade Union’s development fund for cooperation and employment, is a labour-sponsored fund that combines tax benefits of registered retirement savings plans with tax credits for investment funds dedicated to maintaining and creating jobs. FSTQ invests in local businesses in Québec to further the economic development of the Province.
Teralys is a private fund manager financing private venture capital funds investing in information technologies, life sciences, and clean or industrial innovations. Announced in Budget 2017 by the Government of Canada, VCCI aims to increase the availability of late-stage venture capital in Canada.
McCarthy Tétrault LLP advised the investors with a team lead by Mathieu Laflamme that included Alexandre Saulnier-Marceau (Business) and Angelo Discepola (Tax).