CANADA - The Caisse de dépôt et placement du Québec and government financial institution BDC have set up a second C$330m (US$285m) fund for Canadian SMEs called AlterInvest.
BDC will manage the fund, with both institutions providing the capital.
The C$122bn La Caisse said investments in SMEs from all sectors would take the form of subordinate and equity financing, while the capital invested by both institutions would be leveraged to support more entrepreneurs with rapidly growing businesses.
Normand Provost, executive vice-president for private equity at La Caisse,
said of the deal: "Both our institutions want to support companies with strong growth potential. With our complementary expertise, this partnership is once again giving effect to our commitment to SMEs."
The pair set up the first AlterInvest fund in 2004, and have since made average investments of $1m in approximately 300 Canadian companies, 35% of which were in Québec.
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