Accès Capital Québec announces the closing of its fund III
Accès Capital Québec is pleased to announce the closing of its Fund III at $30 million. The amount raised is the result of a partnership with AlterInvest, L.P., a fund managed by BDC, with capital provided by BDC and the Caisse de dépôt et placement du Québec.
Accès Capital Québec is a regional investment company whose mission is to contribute actively to the development of SMEs in the Québec City and Chaudière-Appalaches region by providing equity and quasi-equity financing of up to $2 million in the form of share capital and debentures. The fund provides development and succession capital for manufacturing and technology companies.
The Company began its operations in 1997 with an initial $10-million fund invested in SMEs in the Québec City Chaudière-Appalaches region. In 2001, the Company launched its second fund worth $25 million.
The general partners of Fund III are Serge Olivier, Lise Lapierre and Pierre Tessier, who hold equal stakes. Together, they have almost 50 years of experience in financing and venture capital. They are very familiar with the region, having spent their entire careers and made several major investments here.
“In 10 years, Accès Capital Québec will have made investments in more than 45 SMEs. This contribution is in line with our partnership approach to the development of Québec’s SMEs. We want to pursue this successful alliance with the experienced managers at Accès Capital Québec,” stated Normand Provost, the Caisse’s Executive Vice-President, Private Equity.
"This investment is the result of a partnership between Accès Capital Québec, the Caisse and BDC. It provides access to a type of financing which is critical to the growth of SMEs," stated Jacques Simoneau, Executive Vice President, Investments, BDC.
“Our ability to make decisions and take action quickly, careful monitoring of our investments and our partner relationship with entrepreneurs are strategic elements that set us apart from the rest of the market,” stated Serge Olivier, Managing Partner of the Fund.
About the Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2006, it held $143.5 billion of net assets. The Caisse invests in the main financial markets as well as in private equity and real estate. Its private equity team focuses on companies with the potential for strong growth and returns. The institution partners with dynamic companies in various sectors, offering them a full range of financing products, with emphasis on equity investments and loans. The private equity portfolios held $16.8 billion of net assets as at December 31, 2006. For more information: www.lacaisse.com.
BDC is a financial institution wholly owned by the Government of Canada. BDC actively supports the development and growth of Canadian small and medium-sized businesses through its complementary financial, investment and consulting solutions. BDC is one of Canada’s Top 100 Employers for 2007. Visit www.bdc.ca for more information.
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