BMO Global Asset Management has teamed up with Georgian to launch a fund that allows Canadian accredited investors to invest in a $1 billion USD fund Georgian is in the process of raising.
The BMO Georgian Alignment II Access Fund LP was announced Friday, with the financial organization stating that it gives investors exposure to Georgian’s “curated set of privately-held North American software companies.”
SEC filings show that Georgian has secured $466 million USD of its target to date.
The Access Fund appears to give BMO clients access to Georgian’s Alignment Fund II, a targetted $1 billion USD fund that the venture firm has been fundraising for since late 2021, as first reported by The Wall Street Journal.
SEC filings dated October 11, 2022 show that Georgian has secured $466 million USD of its target to date.
Georgian closed its first Alignment fund in early 2021 at $1.02 billion USD. According to BMO’s website about the Access Fund, Georgian aims to invest in between six to eight companies “exclusively curated” from the earlier stage funds that the venture firm manages. This follows the doubling-down trend of Georgian’s first Alignment fund, which was meant to invest in four of its existing portfolio companies.
BMO’s website states that Georgian has raised a total of $4.2 billion across its funds to date, making 67 investments.
The BMO Access Fund allows accredited investors (typically an individual with net assets of $5 million CAD) to buy into the fund for $50,000 USD. BMO called the fund part of its goal to provide alternative investments to its clients.
The Access Fund follows a trend of financial asset managers, such as Mackenzie Investments, Brookfield Corp., and Blue Owl Capital, that are expanding traditional public investor access to private companies and funds. Last year, Wealthsimple launched what it called its “Venture Fund,” which gives retail investors access to to invest in the fund of funds of United States venture firm Accolade Partners.
BetaKit reached out to Georgian for comment, but it had yet to respond by time of publication.
