Growth Venture Capital Catalyst Initiative (Growth VCCI): Funds-of-funds Stream Call for Expressions of Interest

About

The Growth VCCI Funds-of-funds stream is an open Government of Canada call seeking eligible fund-of-funds managers to raise and invest alongside at least CAD $3 of private capital per CAD $1 of public capital in Canadian venture capital funds and companies, with expressions of interest due by 21 January 2027 at noon Pacific Time.

Benefits

• 💵Growth VCCI capital commitment
  Selected fund managers can receive a Growth VCCI capital commitment from the Government of Canada, with up to CAD $700 million sought to be allocated across a portfolio of funds-of-funds, conditional on selection and meeting program terms.
• 🏦BDC as limited partner
  BDC acts as the federal government's limited partner and manages the investments on behalf of the Government of Canada.
• 📈Leverage and scale
  The stream is designed to leverage at least CAD $3 of private capital for every CAD $1 of public capital and to help selected managers scale fundraising and invest in Canadian VC funds and companies.

Eligibility Criteria

• Mandatory: seek to raise a fund-of-funds of at least CAD $150 million
• Mandatory: accept the Growth VCCI Funds-of-funds stream terms
• Mandatory: be an Eligible Fund-of-Funds Manager that manages non-public capital for optimal investment returns, including a private capital fund manager, labour-sponsored fund, pension fund or deposit manager, not related to Canadian federal, provincial, territorial or local government or its agencies/departments
• Mandatory: have experience making and/or managing venture capital investments in Canada at the fund and/or company level
• Mandatory: meet at least one market-experience or support indicator: an institutional investor such as a pension fund, financial institution or insurance company commits private capital beyond the GP commitment; or an LOI from at least one institutional investor supports a Canada-focused fund-of-funds with viable in-principle commitments; or the applicant has raised a fund-of-funds of at least CAD $100 million with pension fund or other institutional LP commitments; or at least one GP has managed a private capital fund of at least CAD $100 million
• Mandatory for selected managers: have or establish within 18 months of confirmation of federal investment a principal office in Canada that is an active investment office with senior investment professionals resident in Canada, including at least one member of the investment committee
• Mandatory for selected managers: accept the program's investment allocation, reporting, Code of Conduct and Inclusive Growth Framework obligations

Participation Commitments

• Submit an expression of interest in French or English, with the main EOI limited to 90 pages in French or 75 pages in English excluding annexes, in Arial or Calibri at minimum 11 points, in Microsoft Word or PDF
• Submit via Canada Post Connect secure conversation after requesting setup from the Growth VCCI Secretariat at capital@ised-isde.gc.ca at least three business days before the deadline
• Applicants bear all costs incurred in preparing and submitting their expression of interest
• Selected managers must raise at least CAD $3 of private capital for every CAD $1 of public capital
• Selected managers must seek a fund-of-funds of at least CAD $150 million and complete a first close of the lesser of CAD $150 million or at least 50% of target fund size within 18 months of confirmation of federal investment
• Selected managers must have or establish within 18 months of confirmation of federal investment a principal office in Canada that is an active investment office with senior investment professionals resident in Canada, including at least one investment committee member
• Selected managers must invest at least 60% of fund investments in Qualified Canadian VC Funds, no more than 30% in Qualified VC Funds, no more than 40% in Qualified Canadian Funds, no more than 30% of total fund size in direct investments, and at least 90% of direct investment activity in Canadian-based companies
• Selected managers must make a market-based GP commitment, adopt BDC's Code of Conduct or substantially equivalent, meet reporting obligations, and implement Inclusive Growth Framework actions and data collection

Target Sector

Financial Services

Target Location

Applicants must have, or plan to establish within 18 months of confirmation of federal investment, a principal office in Canada that is an active investment office housing senior investment professionals resident in Canada, including at least one investment committee member; the call does not state a nationality or citizenship restriction.