CIBC Launches $ 450 Million Fund Focused on Venture Capital and Growth Equity Funds

TORONTO – (COMMERCIAL THREAD) – CIBC is pleased to announce the creation of a $ 450 million fund dedicated to investing in venture capital and key growth equity funds based in Canada and the United States.

“As CIBC continues to deepen its relationships with very successful investors in North America’s technology, life sciences and cleantech sectors, the allocation of a new pool of capital to invest in our Major Client Fund Sponsors is a natural next step in fostering growth in these important industries. Said Mark McQueen, President and Executive Director, CIBC Innovation Banking, CIBC. “This capital will fuel the growth of leading start-ups as part of the multi-year investment strategy of each fund manager.

Over the past three years, CIBC has made financial commitments as a sponsor to 12 Canadian-based venture capital and growth equity funds, spanning all stages of the entrepreneurial lifecycle. Underlying fund strategies have included women-led startups, fintechs, disruptive techs, and early-stage software companies. These financial commitments go beyond CIBC’s previously announced leadership role in the establishment and early capitalization of the Canadian Business Growth Fund.

CIBC recently doubled its capital commitment to venture capital funds and is now making limited partner investments in certain late-stage US growth equity funds that support the technology and life sciences sectors.

“We believe our bank has a large role to play in supporting the advancement of innovation in North America, including high growth sectors such as technology and life sciences, and clean technology,” Mr. McQueen added. “Our commitment to the renewable energy and clean energy sectors takes many forms, and partnering with leading fund managers in this way is another way for CIBC to build a premier franchise with a global outlook. .

Since launching CIBC Innovation Banking in early 2018, CIBC has expanded its presence and team to now cover 11 key innovation ecosystems in North America, and recently expanded to the UK with the opening of a new office in London.

About CIBC Innovation Banking

CIBC Innovation Banking provides strategic advice, cash management and financing to innovative companies in North America, the UK and select European countries at every stage of their business cycle, from start-up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong collaborative approach that spans across the board. CIBC’s commercial banking and capital markets operations. in the United States and Canada.

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