Cycle Capital raises initial $109 mln for fourth cleantech fund

Cycle Capital Management, a Montréal-based clean technology venture capital firm, has raised $109 million in the initial close of its fourth fund. Cycle Capital Fund IV secured commitments from a range of investors, including a $50 million contribution from Investissement Québec. Other limited partners included Teralys Capital, Fonds de solidarité FTQ, Fondaction, Suez, Hydro-Québec, Innergex Renewable Energy, McConnell Foundation, Rio Tinto, Vancity and Trottier Family Foundation. The fund, which aims to raise up to $250 million, according to the Globe and Mail, will invest in Canadian and U.S. growth-stage clean technology companies.