EDC committs over $56M to VC and PE funds

Export Development Canada (EDC) has recently committed between $56-$120 million to two venture capital funds and one private equity fund.

EDC has committed $1-5 million to Atlantic Canada Regional Venture Fund II, part of a subsequent close to an initial close with $50.5 million. Fund II LPs include provincial governments of New Brunswick and Nova Scotia, BDC Capital and Federal government’s Venture Capital Catalyst Initiative (VCCI) and private investors. Atlantic Canada Regional Venture Fund I known as Build Ventures is a 2013-vintage $65 million fund.

EDC has committed $5-15 million McRock Fund II as part of an $80 million initial closing in August. Other LPs include Cisco Investments, Shell, VCCI/BDC Capital, Alberta Enterprise Corporation (AEC), HarbourVest/VCCI, and other investors.

EDC committed $50-100 million to Birch Hill Equity Partners VI as part of an initial close. Birch Hill has yet to make an announcement on its initial close.

EDC, a crown corporation, has been investing in VC and PE funds, in addition to another crown corporation BDC’s venture capital arm, BDC Capital which also manages VCCI initiative.

photo credit: EDC