A new $165-million Ontario Venture Capital Fund will help create the jobs of the future by boosting cutting-edge companies in the province, says Premier Dalton McGuinty.

The Ontario government has signed a letter of intent with leading Canadian institutional investors including OMERS Administration Corp., RBC Capital Partners, Business Development Bank of Canada and Manulife Financial to create the new fund.

“This fund will attract the capital and investment expertise needed to bring exciting new discoveries to market faster in this province, resulting in high-value jobs and, ultimately, a higher quality of life for all Ontarians,” says Minister of Research and Innovation John Wilkinson.

Ontario is investing $90 million in this first round of the fund, with the remaining $75 million coming from the partner investors. In round two, the government will seek additional private sector investors to grow the fund.

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“Canada’s Venture Capital and Private Equity Association (CVCA) is pleased to see the Government of Ontario’s plan for stimulating the province’s venture capital sector,” says CVCA Executive Director Richard Rémillard. “We have always believed that it is vital that we build a strong venture capital market in Ontario if we want to build world-class, high-growth companies here, and it is very encouraging to see that the Government of Ontario recognizes this reality. We have supported this program since it was first announced in the March 2006 Budget and we look forward to seeing the capital deployed into Ontario’s venture capital market very soon.”