BCRCF makes capital commitments to venture capital funds managed by professional venture capital fund managers. To be eligible, a fund manager must have a demonstrated track record of successful investment in technology companies in one or more of the key target sectors: information technology, new media, clean technology and life sciences.
BCRCF uses a Request for Qualifications (RFQ) process on a periodic basis to select eligible fund managers. RFQ applicants are evaluated by BCRCF staff according to a pre-determined set of criteria, which customarily include:
- the historical performance of each applicant’s previous funds or other investments;
- experience leading investments and creating value in technology investments;
- the composition and cohesion of the applicant’s team of individual partners and their individual track records;
- ability to raise capital from other institutional investors;
- knowledge of the B.C. venture capital market;
- investment strategy for sourcing quality investments in B.C.;
- fund structure and partnership terms that are consistent with industry norms.
With the assistance of independent professional advisors, BCRCF conducts thorough due diligence on each eligible fund manager before committing any capital. The due diligence includes quantitative and qualitative analysis and extensive reference checks.
If the due diligence is satisfactory, BCRCF commences negotiations to enter binding legal agreements with the selected fund managers. Under these agreements, each fund manager is responsible for making the decisions on direct investments into technology companies. Through the use of side letter agreements, BCRCF imposes certain conditions on fund managers to ensure there is a high likelihood of successful investment in B.C.-based companies.
BCRCF welcomes informal discussion with prospective venture capital fund managers at any time about potential new fund investment opportunities. For more information, please contact:
- Todd Tessier
- Vice-President, Investments
- (250) 952-0612
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- Jeff Lindsay
- Portfolio Manager, Investments
- (250) 952-0587
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