Canada-based alternative asset management firm Kensington Capital Partners revealed a C$306m ($228m) final close of its corporate-backed fund of funds yesterday following commitments from wealth managers, private foundations and private individuals.
Kensington Venture Fund’s limited partners include media company Torstar Corporation, which supported a second close at C$193m in June 2015, and enterprise software developer OpenText, which contributed to a first close at C$160m in 2014.
The first close was led by Venture Capital Action Plan, a C$400m program by the government of Canada that aims to foster private sector investment in domestic technology startups.
The fund has also attracted capital from wealth management firm Richardson GMP and financial services firms Canadian Imperial Bank of Commerce, BMO Financial Group, Royal Bank of Canada, Scotiabank and TD Bank Group.
Kensington Venture Fund had a target size of C$300m. It invests in VC funds and startups working in the IT, telecommunications, energy, cleantech and digital media technology sectors.
The fund focuses on Canada-based investments, particularly across the provinces of Ontario, Alberta and British Columbia, but also seeks out opportunities in the US.
To date, Kensington Venture Fund has contributed to more than a dozen venture capital funds including OpenText’s Enterprise Application Fund, made four direct investments and conducted several co-investments alongside the fund managers.