Quebec's giant pension fund, the C$125bn (US$82bn) Caisse de dépôt et placement du Québec (CDP), has invested C$5m (US$3.25m) during the T2C2/Bio 2000 investment fund's second round of financing.
CDP's C$5m investment brings its total outlay on the biotech venture capital fund up to C$52m (US$33.8m), and cementing its position as the lead partner in the fund. The venture capital fund also received C$5m from the Royal Bank of Canada (RBC) during the latest funding round.
The T2C2/Bio 2000 fund, created in April, now has C$104m (US$67.6m) to finance start-ups based on life science technologies developed by universities, research centres and companies in Québec, Canada and the rest of the world. The fund's other backers include the Bombardier Trust, the Solidarity Fund QFL, the Caisse des dépôts et de consignations de France (CDC) and Société Innovatech du Grand Montréal.
CDP's investment, made through its CDP Sofinov subsidiary, brings the pension fund's total number of venture capital investments up to 168. The total value of investments held by CDP Sofinov now stands at C$1.9bn (US$1.23bn).
By Geoffrey Ho
Industry Voice: Sponsored by Eaton Vance
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