Covington Group of Funds today announce the launch of Covington’s newest retail venture capital product: Covington Venture Fund – Capital Protected Series.

Available to investors from December 2007 until March 31, 2008, the Capital Protected Series provides investors with capital protection on their initial contribution, additional return potential from a venture investment portfolio, as well as 30% tax credits on their investment.

Structured as a retail venture capital fund, the Capital Protected Series will also supply investors with a 15% Provincial tax credit on a $7,500 investment and a 15% Federal tax credit on the first $5,000 of that same $7,500 investment.

As with all retail venture capital funds, investors are able to “double up” their purchase in the first 60 days of the calendar year, and invest up to $15,000 in this product either in their individual accounts through a spousal contribution within an RRSP.

“Being able to support our advisors’ requests for an offering that provides investors with access to both capital protection and a venture investment portfolio was extremely important to us, and we are pleased to be able to deliver on their expectations in time for this RRSP season,” says Scott Clark, managing director of Toronto-based Covington Capital.

Covington says the Capital Protected Series is the only retail venture capital fund currently in offering that supplies investors with principal protection with the added benefit of a 30% tax credit.

Its venture portfolio will primarily focus on select, later-stage opportunities in key sectors such as technology, financial services, manufacturing, and consumer products and is an excellent way to bring venture capital investing to the conservative investor.

Founded in 1995, Covington Group of Funds manages close to $400 million in venture capital assets on behalf of approximately 140,000 retail investors.