Key Takeaways
- • Canadian fund managers pitched French institutional investors on deploying capital in Canada at a breakfast meeting at the Canadian embassy in central Paris on Friday, November 6, according to The Globe and Mail.
- • Seventeen primarily French investing giants were expected to attend, including Crédit Agricole, WendelGroup, Société Générale Assurances and Ardian, alongside the European Investment Fund.
- • The Canada Pension Plan Investment Board and the Caisse de dépôt et placement du Québec sent officials, while Business Development Bank of Canada, Export Development Canada, Teralys Capital, Inovia Capital, True North Fund and Sagard also attended.
- • The event is tied to the federal $1.75bn Venture and Growth Capital Plan, which requires recipient funds-of-funds to raise $3 from private investors for every $1 from Ottawa.
- • The Canadian Venture Capital and Private Equity Association plans similar gatherings worldwide over the next year, starting with a meeting in Abu Dhabi next month.
Summary
Canada's largest pension plans sent representatives to a breakfast meeting at the Canadian embassy in Paris on Friday, November 6, where Canadian fund managers sought to attract French institutional capital. The Globe and Mail reported that the session was expected to draw representatives of 17 primarily French investors, including Crédit Agricole, WendelGroup, Société Générale Assurances, Ardian and the European Investment Fund. The Canada Pension Plan Investment Board and the Caisse de dépôt et placement du Québec were among the attendees, as were the Business Development Bank of Canada and Export Development Canada. Fund managers Teralys Capital, Inovia Capital, True North Fund and Sagard, the alternative asset manager affiliated with Power Corp. of Canada and led by Paul Desmarais III, were also slated to participate.
The meeting was co-hosted by the Canadian Venture Capital and Private Equity Association (CVCA) and Canada's ambassador to France, Nathalie Drouin. CVCA chief executive Benjamin Bergen told the Globe that the initiative aims to attract more capital into Canada and build it domestically, describing it as a practical next step following the Prime Minister's investment summit. Drouin said in an emailed statement that the effort builds on that commitment by bringing Canadian venture and private equity firms together with institutional investors to explore investment, co-investment and long-term collaboration between Canada and Europe.
The initiative is linked to the $1.75bn Venture and Growth Capital Plan, announced by Industry Minister Mélanie Joly in Toronto on October 22, according to Innovation, Science and Economic Development Canada. The department's backgrounder says the government is promoting Canadian venture capital funds to domestic and global investors, including pension funds, and expects private-sector leverage on the $1bn of funding of at least $2.4bn. The Globe reported that recipient funds-of-funds must raise $3 from private investors for every $1 from Ottawa, and that European investors took part in earlier versions of the program.
Bergen said similar gatherings are planned worldwide over the next year, beginning with a meeting in Abu Dhabi next month. The Paris event grew out of collaboration with Canada's Trade Commissioner Service, which has increased its focus on capital formation since Prime Minister Mark Carney took office last year. Jacques Bernier, managing partner at Montreal-based Teralys, said the event would let him meet more qualified people in less time than comparable meetings with European investors, and that Ottawa's involvement signals that Canada is serious about developing these relationships.
The meeting was co-hosted by the Canadian Venture Capital and Private Equity Association (CVCA) and Canada's ambassador to France, Nathalie Drouin. CVCA chief executive Benjamin Bergen told the Globe that the initiative aims to attract more capital into Canada and build it domestically, describing it as a practical next step following the Prime Minister's investment summit. Drouin said in an emailed statement that the effort builds on that commitment by bringing Canadian venture and private equity firms together with institutional investors to explore investment, co-investment and long-term collaboration between Canada and Europe.
The initiative is linked to the $1.75bn Venture and Growth Capital Plan, announced by Industry Minister Mélanie Joly in Toronto on October 22, according to Innovation, Science and Economic Development Canada. The department's backgrounder says the government is promoting Canadian venture capital funds to domestic and global investors, including pension funds, and expects private-sector leverage on the $1bn of funding of at least $2.4bn. The Globe reported that recipient funds-of-funds must raise $3 from private investors for every $1 from Ottawa, and that European investors took part in earlier versions of the program.
Bergen said similar gatherings are planned worldwide over the next year, beginning with a meeting in Abu Dhabi next month. The Paris event grew out of collaboration with Canada's Trade Commissioner Service, which has increased its focus on capital formation since Prime Minister Mark Carney took office last year. Jacques Bernier, managing partner at Montreal-based Teralys, said the event would let him meet more qualified people in less time than comparable meetings with European investors, and that Ottawa's involvement signals that Canada is serious about developing these relationships.
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