Montréal, July 9, 2009 – The QFL Solidarity Fund (the “Fund”) and the Teralys Capital fund, managed by Mr. Jacques Bernier, today announced a $700 million closing, for the Teralys Capital fund. This substantial amount concludes the first financing step for the new investment fund and also marks its official launch. With this capital, Teralys Capital is now ready to move ahead with its mandate to finance private venture capital funds that invest in technology companies in the life sciences, information technology and clean technology sectors.
“Today, we completed the first step for Teralys Capital, and can now begin implementing a coordinated strategy for investment that will benefit the venture capital industry. I would like to acknowledge our three financial partners for their commitment to this fund as well as the recent appointment of our new Minister of Economic Development, Innovation and Export Trade, Clément Gignac. Thanks to our partners financial contributions, we can continue to further entrepreneurship and technological innovation in Québec, attract other experienced investors and encourage the formation of international partnerships,” said Teralys Capital’s president, Jacques Bernier.
The creation of Teralys Capital was announced last spring by the Caisse de dépôt et placement du Québec and the QFL Solidarity Fund, which are each contributing $250 million. For its part, the Québec government is contributing $200 million through Investissement Québec. The fund is one of the mobilizing economic measures set out in the 2009-2010 budget announced by the Québec government on March 19.
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