Wednesday, April 29, 2009

Technology fund takes shape in Quebec

Two Quebec funds and the provincial government are putting up $700 million to invest in technology companies, the parties announced Monday.

The new Teralys Capital Fund will invest in companies in sectors such as life sciences, information technology and clean technology.

The Caisse de dépôt et placement du Québec and the Solidarity Fund QFL are each contributing $250 million, a news release said.

The government will put up $200 million, and the fund will seek another $125 million from other investors.

The fund was first disclosed March 19 in the province's 2009-2010 budget.

The new fund is a part of the caisse's venture-capital strategy, said Michael Sabia, the credit union's president and CEO.

It represents a new stage for the Solidarity Fund, which "will be instrumental in ensuring the success of our entrepreneurs," said Yvon Bolduc, fund president and CEO.

Jacques Bernier, who until recently worked for the Solidarity Fund, will head Teralys.