OMERS Ventures said Tuesday that it has named Haroon F. Mirza as its first entrepreneur-in-residence. In his new position, Mirza will identify and execute investment opportunities in the technology, media and telecommunications sectors. Prior to joining OMERS Ventures, Mirza worked at Intel Corp. Based in Toronto, OMERS Ventures is the venture capital investment arm of OMERS, one of Canada's largest pension plans.
2 min read · 06 August 2013
TVM Life Science Ventures VII has made an investment in Ixchelsis Ltd. No financial terms were disclosed. Based in Sandwich, Kent, United Kingdom, Ixchelsis will focus on developing IX-01 to treat male sexual health disorders. Managed by TVM Capital Life Science, an international venture capital firm, TVM Life Science Ventures VII is a venture capital fund based in Montréal. Update: Earlier in 2013, the $150 million fund made its first investment in Montréal's Kaneq Bioscience Ltd.
5 min read · 06 August 2013
Canadian healthcare-focused private equity firm Persistence Capital Partners (PCP) has hired John Trang, formerly vice president of TorQuest Partners, peHUB Canada has learned. Trang will join the firm as a principal. The firm has also promoted existing employee Sean Karamchandani to the position of principal. Additionally, it has hired Deloitte’s Ryan Lambton as director of financial reporting, and Andrew Wetherley as an associate. PCP in April raised $90 million in the first close of its second fund, Persistence Capital Partners II LP.
1 min read · 06 August 2013
Persistence Capital Partners appears to have found its niche. Since its founding in 2008, the Montréal-based private equity firm has focused exclusively on investing in established Canadian healthcare businesses. Five years on, as PCP markets its second fund offering, the strategy seems to be paying off.
4 min read · 06 August 2013
Canadian venture capital firm Lumira Capital has led a $13.25 million financing of enGene Inc., a biopharmaceuticals company focused on nucleotide-based therapeutics. The investment was undertaken via Lumira's Merck Lumira Biosciences Fund. As a result, enGene will relocate its headquarters to Montréal, where it will leverage local infrastructure, build operations and execute its business plan. Lumira in 2012 closed Lumira Capital II and the Merck fund, a partnership with Merck Canada.
3 min read · 06 August 2013
Hub International Ltd will be sold to funds managed by private equity firm Hellman & Friedman LLC in a deal that values the insurance brokerage at about $4.4 billion, the insurance brokerage announced.
1 min read · 05 August 2013
Ambulance operator Rural/Metro Corp, owned by buyout shop Warburg Pincus, filed for Chapter 11 bankruptcy with the aim of cutting its debts after it missed an interest payment in July, according to court filings.
1 min read · 05 August 2013
Pension fund manager British Columbia Investment Management Corp. (bcIMC) reported a one-year annual return of 9.5 percent, net of fees, for the year ending March 31, 2013. Driven by results in domestic real estate and public equities portfolios, performance exceeded a combined benchmark of 7.8 percent. Over the same period, private placements returned 13.7 percent (unaudited), against a 15.5 percent benchmark. The Victoria-based bcIMC manages a global portfolio of over $100 billion in assets.
2 min read · 02 August 2013
A Toronto-based resident identified as Valya Michael has launched a campaign on crowdfunding platform Indiegogo to raise money to "save" Canadian mobile service provider Mobilicity. The company, a.k.a. Data & Audio-Visual Enterprises Wireless Inc., has been a portfolio company of U.S. private equity firm Quadrangle Capital Partners since 2008. The campaign, which is seeking to raise $400 million in total within about 30 days, has apparently raised $233 million to date. Mobilicity is currently pursuing acquisition opportunities with multiple parties, including Verizon Communications Inc., according to a report by Reuters.
1 min read · 02 August 2013
Canada Pension Plan Investment Board (CPPIB) is one of "four or five" key backers that will provide co-investment capital to European private equity firm Permira to do more mega buyouts, according to a report by the U.K.-based Financial News. Unidentified investors told the journal that Permira will obtain more "firepower" from co-investors like CPPIB and China Investment Corp. to acquire major businesses now that the firm is unlikely to raise a fund as large as its 2006 partnership. In April 2013, Permira held a €2.2 billion first close on its fifth fund.
1 min read · 02 August 2013
