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CANADA - Ontario unveils venture capital fund based on Israeli model

The McGuinty Government’s new venture capital fund is based on Yozma model, created in 1993 by the Israeli Government

Author: Israel-Times.com - Friday, November 16, 2007

After several European states, Ontario is following the Israeli venture capital fund paradigm, Yozma. Yozma has earned worldwide recognition as the creator of the Israeli venture capital industry. Originating from a government program aimed at prompting venture investments in Israel, Yozma I has transformed the domestic landscape of private equity investments. Over a period of three years, the Group established ten drop-down funds, each capitalized with more than $20 million.

Since inception Yozma has managed more than $170 million in its two funds: Yozma I and Yozma II and has made direct investments in more than 40 portfolio companies. Leading corporations such as Agilent, America On Line, Cisco, Computer Associates, ECI Telecom, Enron, General Instruments, Johnson & Johnson, Medtronic, Microsoft, and Sequoia Capital invested in Yozma portfolio companies.

The McGuinty government is creating a $165 million venture capital fund with 4 of the largest institutional investors in Canada. OMERS Administration Corp., RBC Capital Partners, the Business Development Bank of Canada and Manulife Financial Corp. will bring $75 million to the fund, while the remaining $90 million will be invested by the Ontario province.

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