The Ontario Venture Capital Fund (OVCF), a C$205m ($207m) Canada state-backed investment fund, has committed to Blackberry Partners Fund II, a local venture capital firm spun out from its corporate sponsors last year.
Melissa McJannet, managing director of Northleaf Capital Partners, the manager of OVCF, said: "The investment in Blackberry Partners is reflective of OVCF’s strategy to invest in best-in-class Ontario-based and Ontario-focused venture capital and growth equity funds. Blackberry Partners has served as a local champion in the Ontario market and we believe its differentiated investment strategy positions the manager to succeed not only in the Canadian market, but on a global basis."
John Albright, co-managing partner of the BlackBerry Partners Fund, said: "[OVCF’s] support, along with our other lead investors, [Blackberry phone maker] Research In Motion and [media group] Thomson Reuters, will allow us to continue to invest in leading players in the mobile internet sector and deliver strong returns for our investors."
Blackberry Partners started raising its second fund last year after the merger of its fund managers, JLA Ventures and RBC Capital Partners, which had co-managed the first fund.
JLA and OVCF had previously co-invested in Canada-based sales incentives company I Love Rewards’ C$8.7m series B round in June 2009. OVCF may invest up to 20% of its capital in direct co-investments alongside leading fund managers in high potential Ontario-based portfolio companies.