VCAP-backed Teralys Capital Innovation Fund initially closes at $279 mln
Canadian fund-of-funds manager Teralys Capital has initially closed the Teralys Capital Innovation Fund at $279 million. The new fund, the second market-based investment vehicle to be backed by Ottawa’s $400 million Venture Capital Action Plan (VCAP), has also received commitments from Fondaction CSN, the National Bank of Canada, Desjardins Group, Knight Therapeutics Inc and OpenText Corp. Teralys, which has since 2009 been backed by the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and Investissement Québec, was flagged in a June report by peHUB Canada as the likely manager of a new venture capital partnership between the Québec and federal governments. The new fund will make commitments to investor groups focused on a wide range of emerging technology sectors.
