Annual Report 2010-2011 (Alberta Enterprise Corporation)

Summary

• Alberta Enterprise met with over 80 prospective venture capital funds or fund candidates during Fiscal Year 2011.p.6
• The Corporation made capital commitments of $15 million (USD) to Chrysalix Ventures and $14 million (CAD) to Yaletown Venture Partners.p.7
• As of March 31st, 2011, Alberta Enterprise had paid out $6.4 million in cash calls to fund operations and investments.p.7
• The remaining capital commitment to both partner funds stood at approximately $22.1 million as of March 31st, 2011.p.7
• The Corporation recorded an $885,000 unrealized gain on its limited partnership investments on its balance sheet.p.7
• Alberta Enterprise reported a net loss of $471,000 in 2010-11, consisting of an operating surplus of $186,000 and an investing loss of $657,000.p.7

Key insights

1. Alberta Enterprise was established on December 8, 2008 upon proclamation of the Alberta Enterprise Corporation Act.p.3
2. The Corporation requires any funds in which it invests to include Alberta-based fund managers.p.5
3. The Corporation assisted in re-launching the Venture Capital Association of Alberta (VCAA) as the primary venture capital network in the province.p.7
4. Alberta Enterprise helped create and provide ongoing support to The A100 to mentor next-generation technology entrepreneurs.p.7
5. Seeding and nurturing a thriving venture capital ecosystem in Alberta is a long-term initiative whose full results will take several years to accrue.p.8
6. General partner consolidation in Canadian venture funds is identified as a key industry risk factor.p.8
7. The Corporation early adopted Public Sector Accounting Board Standard PS 3450 to record its investments on a fair value basis.p.19
8. The Government of Alberta allocated $100,000 thousand to the Corporation for venture capital limited partnership investments.p.20