Kensington Capital Partners, an independent Canadian investor in alternative assets, announced the final closing of its Kensington Venture Fund with a total raise of $306 million. Kensington’s target was $300 million.
The funding came from a mix of wealth managers, private foundations, and individual investors.
“This is a great time to be investing in technology in Canada,” says Rick Nathan, Managing Director of Kensington Capital Partners. “Our significant talent pool, vibrant startup environment, and improved access to capital – through the Kensington Venture Fund and other funding sources – make Canada a great place to build a technology company and grow it to scale.”
The Kensington Venture Fund is a fund of funds investing in promising Canadian-based VC funds and technology companies, though it will also pursue select investment opportunities in the United States. With offices in Toronto and Calgary, the fund pays particular attention to investments in Ontario, Alberta, and British Columbia.
The Kensington Venture Fund launched in November 2014 following a lead investment from the Government of Canada’s Venture Capital Action Plan (VCAP), a $400 million strategy designed to increase private sector investments in emerging Canadian technology companies.
Since then, the Kensington Venture Fund has made investments in more than a dozen venture capital funds, including iNovia Partners, McRock iNFund, Novacap TMT VI, Georgian Partners II, and Golden Venture Partners. It is a lead investor in Vanedge II, B.C.’s leading venture fund.
The Fund has made direct investments in Blue Ant Media, Brightspark, Hubba, and TouchBistro.