The BC Tech Fund has landed on its latest endeavour, backing a new fund worth $150 million.
Framework Venture Partners announced Tuesday (February 5) the first close of the fund, FVP I, with capital from the BC Tech Fund, BDC Capital, the Royal Bank of Canada and Cadillac Fairview.
Framework will focus its investments on Canadian business-to-business software companies.
Its ultimate goal is to manage $275 million by its final closing.
It was not disclosed how much of Frameworks’ $150 million came from the BC Tech Fund.
Toronto’s Kensington Capital Partners manages the province’s $100-million technology fund through an office in Vancouver.
The BC Tech Fund is a fund of funds, which requires Kensington to invest primarily in other venture capital firms that would in turn invest money into tech startups.
Its first investment in a fund came in November 2016, with $15 million going to Vancouver-based Vanedge Capital Partners Ltd.
Kensington managing director Richard Nathan told Business in Vancouver at the time he expected most investments moving forward to be less Vanedge’s.
And while the BC Tech Fund is a fund of funds, Victoria also allows Kensington to invest $25 million directly into startups.
Framework was co-founded by Andrew Lugsdin and Peter Misek — both members of the BDC IT Venture Fund.
Lugsdin will lead the new fund from his Vancouver office while Misek will be based in Toronto.