After more than a decade leading the activities of BDC Capital, Jérôme Nycz announced his retirement from Canada’s largest and most active venture capital investor today, BetaKit has learned.
Multiple sources, speaking on condition of anonymity, told BetaKit that Nycz made the announcement in a brief statement to the BDC Capital team during a conference call. The announcement was abrupt and surprising, with some participants in tears.
Following the publication of this story, a BDC spokesperson confirmed the announcement yesterday and Nycz’s departure with BetaKit, noting he will remain in his role until July 19. The spokesperson indicated Nycz will share a public announcement regarding his departure next week.
Nycz assumed the executive vice president role at BDC Capital in 2013, serving just under 12 years.
Nycz first joined the Business Development Bank of Canada (BDC) in 2002 as director of corporate planning. He assumed the executive vice president role at BDC Capital in 2013, serving just under 12 years. As EVP, Nycz oversaw the bank’s fund of funds and the deployment of venture capital incentivized programs on behalf of the Government of Canada, such as the Venture Capital Action Plan (VCAP) and the Venture Capital Catalyst Initiative (VCCI).
Nycz has also previously served on the boards of the Montreal Heart Institute Foundation and the Canadian Venture Capital & Private Equity Association (CVCA).
UPDATE (06/18/24): A BDC spokesperson confirmed to BetaKit that BDC CFO Christian Settano will assume Nycz’s role in the interim, and noted that a succession plan would follow shortly.
Nycz publicly announced his departure in a LinkedIn post on June 18. In the post, Nycz said he felt “privileged” to have contributed to BDC’s mission, and expressed gratitude to his colleagues, as well as the limited and general partners he worked alongside.
“Today, 10 years after embarking on our ambitious venture capital endeavor, I could not be prouder of our team’s contribution to building such a strong asset class in Canada,” he wrote.
When reached for comment on Nycz’s departure, CVCA CEO Kim Furlong said: “Jerome Nycz has been an incredible partner to me and the entire industry. His understanding of the sector and his appreciation for the potential of our industry was evident. Under his tenure, BDC capital flourished. He will be deeply missed.”
The move is both sudden and surprising for members of the Canadian venture capital community BetaKit has reached out to for comment. The announcement also seems to have surprised members of BDC. Social media posts published by BDC Capital earlier today actively quote him as executive vice president and a BDC spokesperson told BetaKit yesterday that Nycz is acting as interim senior vice president, fund investments until July 1, when Paula Cruickshank assumes the role.
With more than $6 billion in assets under management, BDC Capital claims to be Canada’s largest and most active venture capital investor. Recent fund investments include those in Amplitude Ventures, McRock Capital, and Golden Ventures, among others. Recent direct investments include Montréal-based Maxa, 4AG Robotics, and Victoria-based MarineLabs.
BetaKit has reached out to Nycz for comment.
UPDATE (06/14/24): this story has been updated with commentary from BDC and Kim Furlong.
With files from Josh Scott and Isabelle Kirkwood. Feature image courtesy Jérôme Nycz via X.
