Vancouver's Yaletown Venture Partners announced today a $65 million initial closing on Yaletown Ventures II Limited Partnership. This new fund will continue Yaletown’s focus on leading promising clean-tech and IT investment opportunities in Western Canada and pursuing select clean-tech investments in the Pacific Northwest and the rest of Canada. According to General Partner and Co-Founder Steve Hnatiuk, Yaletown Ventures II is a $100 million fund and will remain open to new investors for up to 12 months.
Similar to the firm's debut $42 Million fund in 2003, the new Yaletown fund was also raised in challenging market conditions. The second round of support is certainly a strong endorsement of the Yaletown team and will serve as much-needed good news amidst the current doom and gloom that surrounds the tech and venture capital industries.
As with its previous fund, the capital for Yaletown’s second fund comes from institutional and private investors in Canada and the U.S., including major pension funds, financial institutions, and professionally managed family offices. The balance comes from the Yaletown team and its extensive network of technology entrepreneurs, executives, and angel investors. Hnatiuk stresses that the new fund includes both existing and new institutional investors from both sides of the border.
Representative Yaletown portfolio companies include clean-tech companies such as NxtGen Emission Controls, 6N Silicon, Microstaq, and Redlen Technologies, and IT companies such as Zeugma Systems, GenoLogics, and Mixpo.