PRINT THIS PAGE Coller Capital buys direct portfolio of Canadian publicly-backed VC Innovatech10/12/2004. Source: AltAssets. 
 UK-based secondaries specialist Coller Capital has pulled off the acquisition of yet another of direct venture capital portfolio with the privatisation of the venture arm of the government of Quebec. Coller will be investing a total of C$200m (around €123m) in buying the entire portfolio of Societe Innovatech du Grand Montreal.
The government of Quebec set in motion an auction back in the summer to privatise its venture capital function, believing that it would be able to operate more effectively as a wholly independent entity. The process was managed by KPMG and attracted more than 60 bids before settling for Coller.
The secondaries firm is paying C$80m for the portfolio, comprised of 120 investments. It will also be assuming Innovatech's existing obligations to these firms, accounting for another C$41m, and has said it will invest up to another C$79m to finance their further expansion.
Jeremy Coller, CEO of Coller Capital, said: 'We are pleased to conclude this transaction in Quebec, which is a winning solution for all parties. Quebec's private equity secondaries market is becoming increasingly dynamic and we intend to play a leading role here.'
Coller has previously backed the spin out of direct venture arms from Lucent Technologies and British Telecom, both of which are now managed by New Venture Partners. It has been investing out of its fourth fund, which raised $2.5bn, and is expected to launch a new fund at some point in 2005.
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