The B.C. Renaissance Capital Fund Ltd. (BCRCF) is a Crown corporation that is wholly owned by the BC Immigrant Investment Fund (BCIIF). The purpose of the BCRCF is to attract successful venture capital managers and their capital to British Columbia in order to develop promising, innovative technology companies in the Province. The BCRCF was created for the purposes of pursuing investment in four key technology sectors: digital media, information technology, life sciences and clean technology. To date, the BCRCF has committed capital to seven venture capital fund managers based in the United States and Canada that have approximately $2 billion in capital under management for investment.
The objectives of the BCRCF are to:
- Generate superior, risk-adjusted returns for the capital committed.
- Increase the probability that innovative new goods and services in British Columbia gain full-scale commercialization.
- Increase the depth of the venture capital market in British Columbia.
- Enhance the visibility of British Columbia as an attractive market for venture capital opportunities in North America and globally.
Each of the venture capital fund manager commits to performing certain investment-related activities in British Columbia in order to increase the probability of successful investment in the Province. Some of these commitments include, for example:
- Opening offices in British Columbia.
- Forming strategic alliances with local venture capital firms.
- Hosting and attending investor forums in British Columbia to establish networks with local stakeholders and explore investment opportunities in the Province.
- Spending a specified number of days, at the partnership level, per quarter in British Columbia.