GrowthWorks Atlantic Venture Fund suspends sales, redemptions

GrowthWorks Atlantic Venture Fund, an Atlantic Canada-focused affiliate of venture capital firm GrowthWorks, has suspended sales and redemptions of its shares until further notice. The fund's board of directors cited a number of factors influencing the decision, including the long term impact of Ottawa's announcement in 2013 to phase out the 15 percent federal labour-sponsored venture capital corporation (LSVCC) tax credit by 2017. Earlier this month, GrowthWorks Atlantic was selected to manage the new Venture Newfoundland and Labrador, a $15 million vehicle that will invest in entrepreneurs and startups in the province.

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