Vancouver venture capitalists Yaletown Partners reached its hard cap of $200 million for its Innovation Growth Fund II after raising an additional $70 million to add to the $130 million secured after the initial closing in August 2021.
The second Innovation Growth Fund is 35 per cent greater than its predecessor fund which closed in 2019 at $130 million. This is Yaletown Partners’ fourth fund and with this recent raise, Yaletown Partners now manages more than $450 million in assets.
The fund received support from new and existing global institutional investors including pension funds, asset managers and select family offices, according to the press release.
The Innovation Growth Fund II follows a strategy of financing companies investing in the modernization of transportation and logistics, industrial processes, energy infrastructure, data infrastructure and real assets.
Despite a gloomy and unknown economic future, Salil Munjal, managing partner at Yaletown Partners, doesn’t seem concerned that the fund will be negatively affected.
“Our team has deep experience in navigating economic and technology cycles, both up and down, and our established sector expertise offers our companies a steady hand during uncertain times," said Munjal in a release.
Yaletown Partners’ portfolio currently boasts more than 75 companies across the continent with a total enterprise value of $10 billion including Vancouver-based project management platform Zenhub and Coquitlam-based logistics company GoBolt.