For Immediate Release
March 24, 2009

VENTURE CAPITAL FUND INVESTS IN JOBS OF THE FUTURE

McGuinty Government Welcomes First Ontario-Based Commitment

NEWS

The Ontario Venture Capital Fund is committing up to $15 million in Georgian Partners “Growth Fund I” to help support innovative, high-growth businesses, including high-potential companies in Ontario.

Georgian Partners is an Ontario-based venture capital firm investing in companies in the information technology, information aggregation, and enterprise software sectors.

The $205-million Ontario Venture Capital Fund, managed by TD Capital Private Equity Investors, is a joint initiative between the provincial government and leading institutional investors to invest primarily in Ontario-based and Ontario-focused venture capital and growth equity funds.

Today’s announcement by TD Capital Private Equity Investors comes on the heels of Ontario announcing a new $250-million Emerging Technologies Fund, to help drive private sector investment into new Ontario technology start-ups. The co-investment fund, which is expected to be up and running by July 2009, would match small to medium private sector investments and receive an interest in companies it supports.

QUOTES

“The commitment to Georgian Partners is a commitment to Ontario’s future.  Through the fund, innovative Ontario companies can access the capital they need to seize global market opportunities while creating high-skilled, high-paying jobs right here in Ontario.”
- John Wilkinson, Minister of Research and Innovation.

“Capitalizing on Ontario ideas will be important to the province’s ability to emerge stronger from this global economic crisis. By supporting innovative Ontario ideas and high-growth technology companies today, we are helping to expand new business opportunities and create new jobs for the future.”
- Dwight Duncan, Minister of Finance.

QUICK FACTS

• The $205-million Ontario Venture Capital Fund is one of the biggest funds of its kind in Canada. Ontario’s commitment to the fund is $90 million.
• Ontario has the lowest after tax research costs of any neighbouring US jurisdictions, making it a great place to start a technology company.
• Ontario is committed to innovation: it’s a part of the McGuinty government's five-point economic plan and is the focus of Ontario’s $3-billion Innovation Agenda.

LEARN MORE

About the Ontario Venture Capital Fund

Read about Ontario’s Emerging Technologies Fund

TD Capital Private Equity Investors News Release