Investment Saskatchewan Inc. (IS), formerly known as CIC Industrial Interests Inc. (CIC III), was established in September 2003, as a designated subsidiary Crown corporation wholly owned by Crown Investments Corporation of Saskatchewan. The corporation enhances Saskatchewan’s long term economic growth and diversification through the provision of investment capital and financing, and ensures prudent management of commercially-viable investments. The corporation owns approximately $500 million of provincial assets.
IS supports the growth of a strong and dynamic investment community in Saskatchewan and utilizes the expertise of private management firms in the management of its portfolio and fund investments.
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Victoria Park Capital
In November 2006, IS outsourced its investment management and new investment activity to Victoria Park Capital Inc., a privately-owned Saskatchewan-based venture capital and private equity management company. Additionally, Victoria Park Capital provides oversight to the operations of Investment Saskatchewan’s funds under management by other investment management firms.
Victoria Park Capital was created as a result of an initiative of Investment Saskatchewan’s Board of Directors to establish a made-in-Saskatchewan solution for the establishment of an investment management company that would partner with private sector investors and local funds to attract capital for provincial investment and economic growth.
Victoria Park Capital manages Investment Saskatchewan’s portfolio and engages in new investment activity. Investments will be made on commercial terms with a long-term view and with realistic plans for exit and return of capital for reinvestment.
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PFM Capital Inc
PFM Capital manages the Prairie Ventures Fund which is an institutional venture capital fund established by CIC III ( now Investment Saskatchewan), credit unions and private organizations and individuals. The fund was established to support investments under $3 million for expansion financing, management buyouts, restructuring or turnarounds. It also supports start ups in key industry sectors: agriculture and further processing; manufacturing; information technology; biotechnology; forestry; oil and gas development; industrial minerals; and destination tourism. Investment Saskatchewan has disbursed $13.3 million to the Fund.
PFM Capital also manages an investment portfolio on behalf of Investment Saskatchewan. In 2003, management of PCF Investments, a division of IS that owns "legacy" equity investments and loans under $3 million,was outsourced to PFM with a mandate to liquidate the portfolio for the highest value possible. As at December 31, 2006 the portfolio consisted of 12 investments with a value of 2.3 million.
PFM Capital manages several other Saskatchewan-based investment funds including the SaskWorks Venture Fund, Apex Investment Fund, and the Sask Entrepreneurial Fund.
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Westcap Mgt. Ltd.
In 2003, management of WTC Investments, a division of IS that owns "legacy" equity investments and loans under $3 million was outsourced to Westcap Mgt. Ltd., with a mandate to liquidate the portfolio for the highest value possible. As at December 31, 2006 the portfolio consists of 21 investments with a value of $1.5 million.
Westcap Mgt. Ltd. is also the manager of Golden Opportunities Fund and the First Nations and Métis Fund.
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Foragen Technologies Limited Partnership
In October 2000, IS made a commitment to invest in Foragen Technologies and has disbursed $11.6 M to the fund.
Foragen is a $42 M early-stage seed capital fund with a mandate to commercialize early stage, advanced agricultural technologies from sources primarily throughout Canada. It provides seed capital, business and technology management expertise and networking opportunities supporting start up companies to the commercialization stage.
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Western Life Sciences Venture Fund (WLSVF)
In December 2001, IS made a commitment to invest in WLSVF and has disbursed $7.6 million to the fund.
Under the management of Lombard Life Sciences, WLSVF is a $43 M early-stage seed capital fund located in Winnipeg, Manitoba with a mandate to commercialize early-stage medical and pharmaceutical technologies from sources throughout Western Canada. The investment results in the creation of new companies owned jointly between researchers, their institutions and WLSVF. The fund fills the gap that existed for the availability of venture capital for early-stage medical and pharmaceutical technology companies in Saskatchewan.
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Crown Capital Partners
In July 2007, IS acquired $55 million in assets known as the Crown Fund through the sale of Crown Life to Canada Life. The assets are part of a package of investments previously owned by Crown Life and managed by Crown Capital Partners Inc.
Crown Capital Partners is a leading provider of growth capital to middle market companies throughout Canada. The Regina-based finance company specializes in financial solutions including subordinated term and bridge loans for acquisitions, management buyouts, growth financing and recapitalizations.
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