Kensington Capital Partners has raised USD85 million in the first close of Kensington Venture Fund II, LP, a fund of funds investing in promising venture capital (VC) funds and technology companies.
The new Fund has been launched under the Government of Canada’s Venture Capital Catalyst Initiative (VCCI). Additional investors include BMO Capital Partners, Trend Forward Capital, and the Kensington Private Equity Fund, among other institutional and individual investors.
The new Kensington Venture Fund II will target investments in VC funds, as well as direct investments in promising emerging technology companies. The diversified portfolio will include investments across key technology sectors and stages, primarily in Canada. Kensington has offices in Toronto, Vancouver, and Calgary.
“Our government is helping small and medium-sized businesses start up, scale up and access new markets. We’re doing this by investing in venture capital, which helps transform great ideas into game-changing innovations and create good middle-class jobs for Canadians. Canada’s venture capital industry is critical to our economy and is steadily growing. The Government of Canada is a proud investor in the Kensington Venture Fund II which will give Canadian companies the capital they need to drive their success. Together, we will make sure Canada remains one of the most entrepreneurial countries in the world,” says The Honourable Mary Ng, Minister of Small Business and Export Promotion.
“Canada’s technology sector has grown dramatically in the past several years, with tremendous innovation in the market, many companies continuing to scale, and strong performance for investors,” says Rick Nathan, Managing Director of Kensington Capital Partners. “We believe that there has never been a better time to invest in this market.”
“As co-investors alongside Kensington in one of their portfolio companies, we had the opportunity to see first-hand the level of professionalism, integrity, and strategic thinking contributed by the Kensington team,” says Jonathan Chang, a Partner at Trend Forward Capital. “It was an easy decision for us to choose Kensington for our first fund investment. It builds on our partnership with them across the Canadian tech sector and enables us to tap into the tremendous potential of entrepreneurs across the country.”
