Canadian Yaletown Venture Partners reaches first close for debut fund

Canada-based Yaletown Venture Partners has met the $30m first close target for its debut fund. Yaletown Ventures I will invest in West Canadian early-stage energy technology and information technology companies. Subsequent closings will be completed by the end of the year.

The fund has received commitments from a number of major Canadian backers including pension funds, funds of funds and corporations. The majority of investors are based outside of the region and are investing in a Western Canadian fund for the first time.

Investors include British Columbia Investment Management Corporation, Edgestone Capital Partners of Toronto, and the private equity division of Ottawa-based Export Development Canada. The fund has also received commitments from some of the region’s most successful technology entrepreneurs and executives.

Mary Macdonald, president of Toronto-based venture capital research firm Macdonald & Associates, described the first closing of Yaletown’s inaugural fund as a ‘rare accomplishment across North America’.

‘By coming to the table at this time, the fund’s investors are making quite a statement about Yaletown’s target market and team,’ she added.