Canada’s Venture Capital and Private Equity Association welcomes the arrival of a significant new fund of funds that was put together by the Government of Québec, the Caisse de Dépôt and the Fonds de Solidarité, the CVCA said Monday.

“This $700 million fund of funds first closing, called Teralys Capital, is a shining example of the positive impact that close public sector-private sector collaboration can bring about,“ says Gregory Smith, president of the CVCA. “The venture capital industry in Canada sorely needs more capital and more sources of capital supply in order to fund the industries of tomorrow upon which our future depends,” adds Smith.

The new fund will finance private venture capital funds that invest in technology companies in sectors that include life sciences, information technology and clean technology.


Caisse de dépôt et placement du Québec and the Solidarity Fund QFL will each contribute $250 million to the fund. The Quebec government is contributing $200 million through Investissement Québec.

The fund will also solicit other institutional and private investors to raise an additional $125 million, for a total objective of $825 million.

The CVCA also welcomed the nomination of Jacques Bernier as president of the new fund of funds.

“Mr. Bernier has a long, positive track record in the venture capital industry and we wish him every success,” says Smith.

Until only recently Berneir was strategic advisor to the Solidarity Fund QFL, which he joined in 2004 as senior vp, ICT. Bernier has in-depth knowledge of the venture capital sector and played a key role in the development and implementation of a new approach to venture capital in Quebec.

As an entrepreneur and an institutional investor specializing in technology innovation in Quebec, Bernier has been directly involved in the startup of a dozen technology companies.

IE