Key Takeaways
- • Celtic House Venture Partners announced the first close of a new $105 million fund focused on early-stage media communications technology (MCT) investments.
- • The Ontario Venture Capital Fund is lead investor, joined by Teralys Capital, Export Development Canada and BDC Venture Capital.
- • Canadian venture capital fundraising showed strong year-over-year growth in Q1 2012, with new capital committed to domestic funds totalling $742 million, more than double the prior-year quarter according to the CVCA.
- • Actual venture capital investment fell 34% year-over-year in Q1 2012 to $263 million, a divergence between fundraising and deployment.
- • Celtic House manages $425 million across three funds, with 14 current portfolio companies and about 30 exits to date.
Summary
Celtic House Venture Partners announced on Tuesday the first close of a new fund at $105 million, with a mandate to invest in early-stage opportunities in the media communications technology (MCT) space. The Ontario Venture Capital Fund is the lead investor, with participation from Teralys Capital, Export Development Canada and BDC Venture Capital. According to the firm, entrepreneurs backed by the fund will have access to an existing cluster of MCT-focused portfolio companies and a global business relationship network built over the past decade.
The firm, which has offices in Toronto, Montreal and Ottawa, manages $425 million across three funds, according to its website. It has 14 companies in its current portfolio and has completed about 30 exits through initial public offerings or acquisitions.
The announcement follows a Canadian Venture Capital & Private Equity Association (CVCA) report, released the prior Thursday, which found new capital committed to domestic venture funds totalled $742 million in the first quarter of 2012, more than double the same quarter a year earlier. Over the same period, actual venture capital investment fell 34% from the first three months of 2011 to $263 million. The CVCA reported that Canadian venture firms raised about $1 billion in all of 2011, a 2% increase over 2010.
The fund is one of relatively few Canadian venture vehicles above $100 million. Other recent entries in that range include iNovia Capital's $110 million fund, launched in December 2011, and the $180 million OMERS Ventures fund, launched in October 2011 by the venture arm of the Ontario Municipal Employees Retirement System. CVCA president Greg Smith, who is also managing partner of Brookfield Financial, congratulated the fund managers on their closings, describing them as the product of months and years of hard work in a tough environment.
The firm, which has offices in Toronto, Montreal and Ottawa, manages $425 million across three funds, according to its website. It has 14 companies in its current portfolio and has completed about 30 exits through initial public offerings or acquisitions.
The announcement follows a Canadian Venture Capital & Private Equity Association (CVCA) report, released the prior Thursday, which found new capital committed to domestic venture funds totalled $742 million in the first quarter of 2012, more than double the same quarter a year earlier. Over the same period, actual venture capital investment fell 34% from the first three months of 2011 to $263 million. The CVCA reported that Canadian venture firms raised about $1 billion in all of 2011, a 2% increase over 2010.
The fund is one of relatively few Canadian venture vehicles above $100 million. Other recent entries in that range include iNovia Capital's $110 million fund, launched in December 2011, and the $180 million OMERS Ventures fund, launched in October 2011 by the venture arm of the Ontario Municipal Employees Retirement System. CVCA president Greg Smith, who is also managing partner of Brookfield Financial, congratulated the fund managers on their closings, describing them as the product of months and years of hard work in a tough environment.
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