Business
Banks and Insurance Companies Announce Canadian Business Growth Fund of up to $1B
Banks and Insurance Companies Announce Canadian Business Growth Fund of up to $1B ...
About this update from Laurentian Bank Of Canada
[{"type":"text","content":"\n\n\n\n\nBanks and Insurance Companies Announce Canadian Business Growth Fund of up to $1B\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 9, 2017\n\n\n\nTORONTO, March 9, 2017 /CNW/ - Canada's leading banks and insurance companies today announced their intent to create a fund to invest up to $1 billion in Canadian businesses over the next decade to bolster growth and innovation.\n\n\n \n \n\n \nThe Canadian Business Growth Fund will make investments in small- and medium-sized Canadian companies seeking long-term, patient, minority capital to finance continued growth and to allow the scaling up of existing operations. Typical investment amounts in each company will range between $3 million and $20 million. Importantly, the fund will facilitate mentorship and access to talent pools to help these businesses achieve their full potential.  \n\nThe fund is expected to have initial capital commitments of over $500 million, with the possibility for future contributions of up to $1 billion in future years, depending upon both demand for investment and the fund's performance. Initial participants include: BMO Financial Group, CIBC, Royal Bank of Canada, Scotiabank, The Toronto-Dominion Bank, Manulife, Sun Life Financial, Great-West Life, National Bank of Canada, HSBC Bank Canada, ATB Financial, Laurentian Bank of Canada, and Canadian Western Bank. Other institutions are considering involvement and a broad range of financial institutions will be able to invest in the fund when it is formed.\n\nThe fund will operate as an independently managed entity, supported by its investors with its own board of directors and management team, with an objective of having offices and personnel across Canada. The board will be comprised of independent directors and representatives from the initial investors. The Fund will begin a search for an independent chair, along with a chief executive officer, with the intention to have an executive team in place to start deploying capital within the next 12 months.\n\nThe executive team will also be tasked with d...