Panache Ventures has held an initial close for Panache Ventures II with commitments primarily from high net worth and accredited investors.
Panache Ventures has yet to formally announce the closing.
Fund II will follow the strategy of Fund I, focusing on seed and pre-seed investments.
Prashant Matta, Scott Loong, Chris Neumann have joined Michael Cegelski and Patrick Lor as General Partners (GPs) of Fund II. Fund I GPs, David Dufresne and Nicolas Jacques-Bouchard, are non longer GPs in Fund II.
Panache Ventures I is a $60.5 million 2018-vintage fund that final closed in 2019. Known limited partners (LPs) include Fonds de solidarité FTQ, Investissement Québec, Alberta Enterprise Corporation, Yukon First Nations, TELUS Corporation.
Fund II reportedly has a fundraising target of $75 milllion. With first closing, Fund II has almost reached 60% of the target.
photo credit: Panache Ventures