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Northleaf Venture Catalyst Fund completes USD300m investment program with USD15m commitment to Lumira Capital

Northleaf Venture Catalyst Fund (NVCF) has made a USD15 million lead commitment to Lumira Capital IV, a late-stage venture capital fund investing in high-potential biopharmaceutical and medical device companies.

With the closing of this investment, Northleaf has completed the NVCF investment program, with a total of USD300 million committed to a diversified portfolio of 13 fund investments and 11 direct investments.
 
“We are very pleased to be an anchor institutional investor in one of Canada’s top life sciences venture capital funds,” says Ian Carew, Director of Northleaf Capital Partners, which manages NVCF. “The commitment to Lumira represents NVCF’s final fund commitment and completes NVCF’s strategy of investing in best-in-class Canadian venture capital and growth equity funds, which in turn support the country’s most promising companies.”
 
NVCF’s commitment to Lumira extends a partnership that began in 2012, when the Northleaf-managed Ontario Venture Capital Fund (OVCF) made an investment in Lumira’s prior fund. The partnership was further strengthened through NVCF’s direct co-investment in 2015 alongside Lumira in Vancouver-based Zymeworks Inc., a leading biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics, initially focused on the treatment of cancer. In May 2017, Zymeworks successfully closed its initial public offering (IPO), the largest biotech IPO on a Canadian exchange in a decade.
 
“We are thrilled to have Northleaf as one of the lead investors in our fund and look forward to continuing our successful, long-term partnership,” says Peter van der Velden, Managing General Partner, Lumira Capital. “NVCF’s strong support will allow us to continue our successful strategy of investing in leading health and life science companies – all while delivering strong returns for our investors.”

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