Archived - Summary of Finance Canada’s Privacy Impact Assessment of the Venture Capital Action Plan
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On January 14, 2013, the Right Honourable Stephen Harper, Prime Minister of Canada and the Honourable James M. Flaherty, Minister of Finance announced the creation of the Venture Capital Action Plan (VCAP).
The VCAP will make available:
- $250 million to establish new, large private sector-led national funds of funds (a funds of funds portfolio consists of investments in several venture capital funds) in partnership with institutional and corporate strategic investors, as well as interested provinces;
- Up to $100 million to recapitalize existing large private sector-led funds of funds, in partnership with willing provinces; and
- An aggregate investment of up to $50 million in three to five existing high-performing venture capital funds in Canada.
In addition, Economic Action Plan 2013 announced a further $60 million to promote a vibrant venture capital environment in Canada rooted in a strong entrepreneurial culture and well-established networks that link investors to innovative companies.
The Department of Finance is the lead federal government institution responsible for the implementation of the Venture Capital Action Plan.
Finance Canada conducted a Privacy Impact Assessment (PIA) in order to identify any privacy risks related to the Venture Capital Action Plan and to provide mitigation strategies with respect to those risks. The PIA demonstrated that few privacy risks were associated with the program and that the mitigation strategies are appropriate.