Coller Capital has won the bidding for the venture capital portfolio of the Société Innovatech du Grand Montréal. The London-headquartered global secondary investor is committing C$200 million (€123 million; $164 million) to the privatisation of the assets which comprise over 120 investments in high-tech companies in Québec.
According to a press release issued by Québec’s Ministry of Economic and Regional Development and Research, on whose behalf the sale was arranged, Coller prevailed in an auction run by KPMG.
Around 60 potential investors were initially contacted, and KPMG assessed offers according to criteria set by the government, the release said.
Of the C$200 million invested by Coller Capital, C$80 million will be paid to acquire the portfolio. The firm will also assume Innovatech's contractual obligations to these firms, which total an additional C$41 million.
Coller also agreed to invest up to C$79 million of additional money “to ensure the optimum development of the firms in the portfolio and to fund new projects,” the government said.
Daniel Dupont led the deal for Coller. The firm is funding the deal from Coller International Partners IV, its $2.5 billion secondary fund.