CPE News (1/12/2020) – McRock Capital has held a second close ($20 million or less ) for McRock Fund II LP, securing capital commitments from Teralys Capital, Kensington Capital Partners, Caterpillar Ventures, and a large unnamed pension fund.
Launched in August 2019 McRock Fund II held an $80 million initial close investments from Cisco Investments, Shell, Mitsubishi Corporation, BDC Capital, Export Development Canada (EDC), Alberta Enterprise Corporation (AEC), and HarbourVest.
McRock Fund II is being backed by governments (BDC Capital, EDC, and AEC) and federal government’s Venture Capital Catalyst Initiative (VCCI) (Teralys Capital, Kensington Capital Partners, HarbourVest). The exact extent of government or incented backing is unknown but EDC disclosed it committed $5-15 million to McRock Fund II.
The $100 million McRock Fund will invest exclusively in Industrial IoT companies across Canada and globe.
McRock iNFund LP, McRock Capital’s inaugural fund, is a $70 million 2013-vintage fund that finally closed in December 2016.
photo credit: TheDigitalArtist via pixabay
McRock Fund II Holds Second Close Adding Global Investors
Toronto, Ontario–(January 10, 2019) – McRock Capital has held a subsequent close on its latest venture capital fund, McRock Fund II LP, dedicated to investing in the global trend around the Industrial Internet of Things (IoT). The $100 million fund has announced the addition of several global corporations and world-class financial investors including Teralys Capital, Kensington Capital Partners, Caterpillar Ventures, and a large pension fund.
McRock Fund II was launched in August 2019 with participation from Cisco Investments, Shell, Mitsubishi Corporation, BDC Capital, Export Development Canada, Alberta Enterprise Corporation, and HarbourVest.
“Teralys is proud to extend its support of McRock Capital, a specialized investment fund dedicated to the rapidly growing IIoT sector,” said Eric Legault, Managing Partner of Teralys Capital. “The founding partners of McRock have backed some very successful entrepreneurs and early disruptors over their careers and will use their experience to support the next generation of high growth companies in that sector. The continuation of such a specialized venture capital franchise is great for the venture capital ecosystem in Canada.”
“The McRock team is well connected in the Industrial IoT ecosystem and Kensington is a firm believer in backing fund managers who have deep sector expertise, and McRock perfectly fits into our portfolio mix,” said Suganya Tharmalingam, Managing Director & CFO of Kensington Capital Partners.
About Teralys Capital
Teralys Capital is a private fund manager financing private venture capital funds investing in innovative businesses in information technologies, life sciences, and clean & industrial innovations. Our partner funds cover the entire investment spectrum from early stage start-ups to expansion, growth and technology buy-outs. With more than $2 billion in assets under management across four venture capital funds of funds and two additional legacy portfolios of funds, Teralys Capital is the largest innovation-focused investor in Canada. Visit teralyscapital.com. For more information, visit www.teralyscapital.com
About Kensington Capital Partners
Kensington is a leading independent Canadian investor in alternative assets. Founded in 1996, and with over $1.5 billion invested in private equity, venture capital, and alternative assets. Kensington’s active management approach and relationship-based business has generated top quartile returns for investors. For more information, visit www.kcpl.ca
About Caterpillar Ventures
Caterpillar Venture Capital Inc. (Caterpillar Ventures) assists entrepreneurs around the world to grow and scale their businesses to build today for a better tomorrow by leveraging Caterpillar’s industry expertise, supply base and independent dealer network. Caterpillar Ventures’ focus areas of investment include robotics, energy, advanced materials, and digital solutions that help our customers be successful.
Caterpillar Ventures is a wholly owned subsidiary of Caterpillar Inc., the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For more information, visit Caterpillar Ventures
About McRock Capital
McRock is an investment firm co-founded by venture capital veterans Scott MacDonald and Whitney Rockley and invests exclusively in Industrial IoT companies across Canada, the US, and Europe. The Industrial IoT is about the intersection of sensors and software in large industrial markets. For more information, visit www.mcrockcapital.com. Follow McRock Capital on Twitter @McRockCapital
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