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Harper Government invests in final fund of funds under the Venture Capital Action Plan to support Canada’s venture capital sector

April 15, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today announced the Government of Canada’s investment in HarbourVest Canada Growth Fund, a private sector-led fund of funds under the Government of Canada’s Venture Capital Action Plan.

HarbourVest Canada Growth Fund, the last of the four private sector-led funds of funds to be established under the Venture Capital Action Plan, had its initial closing with $197.2 million in commitments—$131.5 million from institutional and corporate investors, alongside $65.7 million from the Government of Canada. The Fund will place an emphasis on investment opportunities in information and communications technologies, and will invest primarily in early-stage and mid-stage venture capital funds and directly in companies across Canada.

HarbourVest Partners has been selected by lead investors to act as the general partner for the Fund, following a fair and competitive selection process led by the private sector Venture Capital Expert Panel. HarbourVest Partners, a top-tier firm headquartered in Boston (U.S.), recently established an investment office in Toronto. Investment decisions will be made by HarbourVest Partners based on market-based principles in order to maximize returns.

The initial partners in the Fund are:

  • BDC Capital Inc. (on behalf of the Government of Canada)
  • BMO Financial Group
  • Canada Pension Plan Investment Board
  • CIBC
  • HarbourVest Global Private Equity Limited
  • Knight Therapeutics Inc.
  • Laborers’ Pension Fund of Western Canada
  • Royal Bank of Canada
  • Scotiabank
  • TD Bank Group

Quick Facts

  • The investment in HarbourVest Canada Growth Fund is part of the Government’s $400-million Venture Capital Action Plan (VCAP), launched in January 2013 by Prime Minister Stephen Harper to help increase private sector investments in early-stage risk capital, and contribute to a vibrant private sector-led venture capital sector in Canada.
  • The VCAP includes a commitment to establish up to four private sector-led funds of funds with private sector investors and interested provinces.
  • The Business Development Bank of Canada is facilitating the implementation of the VCAP on behalf of the Government of Canada by providing independent expertise, undertaking due diligence, supporting negotiations with funds and other investors, and managing the VCAP investments.


“With the establishment of HarbourVest Canada Growth Fund, our Government continues to help ensure that Canada’s venture capital sector has a bright future. By working together, we can build on previous investments to further improve access to venture capital financing, contributing to a stronger, more innovative economy.”

- Joe Oliver, Minister of Finance

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Media Contacts

Melissa Lantsman
Director of Communications
Office of the Minister of Finance

Stéphanie Rubec
Media Relations
Department of Finance

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