Canadian investor Kensington Capital Partners held the first close of a fund of funds investing in venture capital (VC) funds and technology companies, at $85m.
Kensington Venture Fund II, LP, has been launched under the Government of Canada’s Venture Capital Catalyst Initiative (VCCI). Additional investors include BMO Capital Partners, Trend Forward Capital, and the Kensington Private Equity Fund, among other institutional and individual investors.
The new fund will target investments in VC funds, as well as direct investments in promising emerging technology companies. The diversified portfolio is expected to include more than 100 companies across key technology sectors and stages. The substantial majority of underlying fund managers and direct investments will be based in Canada, with the broader fund-of-funds portfolio covering Canada and the United States.
Founded in 1996, with offices in Toronto, Vancouver and Calgary, Kensington has invested more than $1.3 billion to date in private equity, venture capital, and other alternatives.