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Canada's Ontario Teachers forges partnership with Bioscience Managers Limited

Teachers' Private Capital, the private equity arm of the giant Ontario Teachers' Pension Plan, has forged a partnership with Bioscience Managers Limited (BML) to invest in Canadian life science companies.

Teachers' will be the sole investor in BML International Maple Leaf Fund I, which will be a lead investor in syndicated investment rounds of $20m to $30m. The focus will be on mid-stage businesses and BML will play an active role in managing its portfolio companies.

Jim Leech, head of Teachers' Private Capital, said: 'We were delighted to partner with BML and attract a leading international fund manager to the Canadian venture capital landscape.'

BML currently has presence in the UK, Germany and France for its pan-European life science fund BML BioEquity I. It is also setting up a Toronto-based office from which to manage the Maple Leaf fund.

Jeremy Curnock Cook, a founder and executive chairman of BML, said: 'The big pharmaceutical companies are indifferent whether a new product is developed in Toronto, San Diego, Melbourne or London and will actively seek the best products wherever they may be.

'We believe the Canadian landscape presents tremendous opportunity for internationally-minded investors, and we expect the Maple Leaf Fund to make three to four such investments over the coming 18 to 24 months,' he said.

Teachers' Private Capital has a portfolio of more than $4.5bn, making it one of the largest private equity investors in Canada.

BML was founded in 2001 by Curnock Cook, Michael Forer and Jonathan Hepple, all formerly of Rothschild Asset Management.

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