Over breakfast this morning the Honourable Iain Black, Minister of Small Business, Technology and Economic Development, introduced the new fund managers selected by the B.C. Renaissance Capital Fund (link to their new website).
The B.C. Renaissance Capital Fund Ltd. is a Crown corporation that is administered by the provincial Investment Capital Branch. The Renaissance Fund invests in venture capital partnerships managed by experienced investment professionals. It focuses on four key technology sectors: information technology, new media, clean technology and life sciences.
Last spring, the Fund issued a Request for Qualifications to identify experienced investment professionals to provide venture capital fund management services. Through this RFQ, the Renaissance Fund planned to select up to four fund managers to invest and manage a total of $55 Million of capital.
In August the word on the street (and here on Techvibes) was that the four new fund managers had already been chosen and that they were Ottawa's Wesley Clover, Toronto's Tandem Expansion, Yaletown Venture Partners, and Paul Lee's VanEdge Capital.
Shortly after publishing this blog post, I was contacted by BCRCF executive Todd Tessier and asked to remove the fund manager's names and the capital allocations until they could officially confirm the information. I was told that Techvibes was "reporting false information that can put the whole process behind another year".
It turns out Techvibes was NOT reporting false information and we did not put the process behind another year. Minister Black announced this morning that Wesley Clover, Tandem Capital, Yaletown Venture Partners, and VanEdge Capital were indeed the fund managers chosen to join the fund’s three existing managers: ARCH Venture Partners, Kearney Venture Partners, and VantagePoint Venture Partners.
While today's announcement did not include allocations of the new $55 Million, here's what we've heard:
- Wesley Clover - $5 Million
- Tandem Expansion - $5 Million
- Yaletown Venture Partners - $15 Million
- VanEdge Capital - $30 Million
The seven managers can invest up to $90 million directly from the BCRCF, plus their own capital.
Stay tuned for more analysis of the BCRCF and their Fund Selection Process over the next couple weeks.