2013 – 2014 Annual Report (Alberta Enterprise Corporation)

Summary

• Alberta Enterprise Corporation has committed over $94 million for investment into seven venture capital funds and the Accelerate Fund.p.9
• The committed capital of $94 million has been leveraged into more than $765 million in accessible venture capital for Alberta knowledge-based companies.p.10
• As of March 2014, partner venture capital funds and syndicates invested over $170 million in 21 technology ventures in Alberta.p.11
• Fund investments have led to four profitable portfolio company exits and established four new and four expanded VC fund offices in Alberta.p.12
• During fiscal year 2013-2014, Alberta Enterprise disbursed $16.5 million to limited partnerships, leaving $41.97 million in cash from committed capital.p.24
• Total fund investments were valued at $50.77 million for the fiscal year ended 2013-2014, including unrealized gains and losses.p.24

Key insights

1. 1. Alberta Enterprise acts as a Limited Partner to stimulate the local venture capital ecosystem and transition Alberta toward an innovation-driven economy.p.5
2. 2. Alberta Enterprise has achieved an 8:1 capital leverage ratio, turning $94 million into over $765 million in total venture capital access.p.19
3. 3. Fund investments have generated more than three times their capital back into Alberta-based companies.p.11
4. 4. All seven supported VC funds have international investors, connecting local entrepreneurs to more than 300 international VC funds.p.19
5. 5. Partner venture capital funds and the Accelerate Fund have attracted more than $100 million of outside co-investment into Alberta technology companies.p.19
6. 6. Four profitable exits have been realized early in the typical 10-year fund lifecycles.p.20
7. 7. The corporation had an unrealized re-measurement gain on investment of $1.71 million alongside realized losses of $804 thousand for the 2013-2014 fiscal year.p.24