The King of Canadian VC SPVs

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By Ted Liu

One of Quebec based IT focused venture capital firm is undoubtedly the innovator of Canadian venture capital funds and the undisputed king of special purpose vehicles (SPVs).

Starting 2014, the firm started to form SPVs to manage co-investment by its LPs, family offices and non-LPs.

In total 34 SPVs have been formed by the firm so far, including 3 SPVs recently formed in 2023.

The SPV proliferation is catching on by other VC firms.

BDC has recently committed to a SPV managed by a Toronto based VC firm so it could make an investment in a company. Reason is unknown why BDC could not simply make a direct investment and has to go by way of indirect route.

BDC also committed to a SPV managed by the Quebec based VC firm.