VentureLink in the Community
VentureLink Investments Provide Returns to Ontario Universities
TORONTO (February 7, 2008)
Four of Ontario’s leading research universities will receive $960,000 today from VentureLink LP, manager of the VentureLink Group of labour-sponsored investment funds (LSIFs).
McMaster University, Queen’s University, the University of Toronto and the University of Waterloo will each receive a portion of the payment. The funding is the result of a successful “exit” from (or sale of) VentureLink’s investments in Ventus Energy Inc. Ventus is a privately-held developer of wind farm projects founded by two University of Waterloo alumni.
While the universities have yet to decide what they will do specifically with the funding, representatives of each institution say they will use their funds to support ongoing research and commercialization activities.
In 2003, VentureLink Balanced Fund invested $1.4 million in Ventus through funds created under Province of Ontario’s Community Small Business Investment Fund (CSBIF). The CSBIF program was created in 1997 to encourage “community sponsors” to develop partnerships that provide greater access to capital for small, local businesses. Community sponsors may be a municipality, a First Nations Council, college, research institute or, in this case, universities.
“Ventus demonstrates the benefits of early stage investing in Ontario,” said John Varghese, Managing Partner of VentureLink and Chairman of Ventus. “We invested in a pure start-up company. Working with the founders and a strong board that included leaders such as former Ontario Premier David Peterson, we were able to be a part of this made in Ontario success story.”
VentureLink Balanced Fund has worked with universities to commercialize nine opportunities through both the CSBIF and LSIF (an investment fund sponsored by labour organizations) programs. These projects have included patented biodiesel process developed by Dr. David Boocock at the University of Toronto, the reactive iron barrier water treatment solution developed by Professor Bob Gillham at the University of Waterloo, solar energy innovations developed by Dr. Stephen Harrison at Queen’s University.
“VentureLink is delighted to have had the ability under the CSBIF and LSIF programs to help these institutions commercialize their research,” said Geoff Horton, also Managing Partner at VentureLink. “Now, as the investments mature, we are equally delighted that the sponsoring institutions are getting a second benefit of participating financially in their eventual success. We look forward to making similar payments to sponsoring institutions in the future.”
About VentureLink
With over $255 million under management, VentureLink Funds is a diverse group of labour-sponsored funds (“LSIF”). VentureLink Funds give investors access to well-diversified portfolios of established companies operating in traditional industries such as financial, manufacturing and service industries as well as dynamic industries like alternative energy and information technology. For more information, please visit: www.venturelinkfunds.com
About McMaster University
McMaster University, a world-renowned, research-intensive university, fosters a culture of innovation, and a commitment to discovery and learning in teaching, research and scholarship. Based in Hamilton, the University, one of only four Canadian universities to be listed on the Top 100 universities in the world, has a student population of more than 23,000, and an alumni population of more than 130,000 in 128 countries. For more information visit: www.mcmaster.ca
About PARTEQ Innovations Inc.
PARTEQ Innovations was founded by Queen's University at Kingston, Ontario, in 1987 to commercialize intellectual property (e.g. inventions) arising from university-generated research. A not-for-profit organization, PARTEQ provides Queen's researchers with the business and financial expertise that is needed to advance their discoveries to the public, while returning the proceeds from those activities to researchers and the university. Since its inception PARTEQ has returned more than $20 million to the university and its inventors. For more information visit: www.parteqinnovations.com
About University of Toronto - The Innovations Group (TIG)
TIG brings together researchers and businesses to capitalize on the ideas developed at the University of Toronto and the hospitals affiliated with the university, where more than $2 million worth of research is conducted daily. The TIG team advances promising projects in key areas of expertise: Physical Sciences & Engineering, Life Sciences and Information Technology. For more information visit: www.utoronto.ca
About University of Waterloo
Founded in 1957, the University of Waterloo is this year celebrating 50 years as one of Canada's most innovative universities. Its accomplishments include introducing co-operative education in Canada; launching a unique master of business, entrepreneurship and technology program; and creating one of the world's first quantum computers. The University of Waterloo Research and Technology Park, located on UW's north campus, is designed to eventually house thousands of researchers, create new technology jobs and generate billions of dollars in economic impact. For more information visit: www.uwaterloo.ca
For further information, contact:
John Varghese
Managing Partner
VentureLink LP
(416) 681-6371