Annual Report 2014-15 (Alberta Enterprise Corporation)

Summary

• Alberta Enterprise Corporation fully committed its initial $100M allocation from the Government of Alberta across eight venture capital funds and the Accelerate Fund.p.15
• The $100M capital commitments were leveraged into >$820M in venture capital access, representing an 8.1 leverage ratio as of March 31, 2015.p.4
• Partner venture capital funds and their syndicates have invested over $280M across 24 Alberta technology companies, generating more than 750 direct jobs.p.5
• Every $1 invested by Alberta Enterprise has generated more than $4 of investments back into Alberta technology businesses.p.5
• Alberta Enterprise committed its final $10 million allocation to McRock iNFund Limited Partnership, targeting the industrial internet of things sector.p.17
• Investments led to four new and four expanded venture capital offices in Alberta, alongside four profitable exits that yielded distributions to limited partners.p.5

Key insights

1. 1. Alberta Enterprise functions as a fund of funds, deploying public capital as a Limited Partner to stimulate a self-sustaining venture capital industry without making direct equity investments in startups.p.3
2. 2. Strategic fund investments have expanded the provincial technology ecosystem by connecting to >140 other Limited Partners, >350 portfolio companies, and >340 VC firms.p.4
3. 3. The fund portfolio covers key diversification sectors including Information and Communication Technology, Clean Technology, Energy Technology, and Life Sciences.p.4
4. 4. Partner funds have attracted more than $200M of external investment capital directly into Alberta technology companies.p.15
5. 6. Approximately $28,274 thousand, or 40% of the Corporation's total investments, are denominated in US dollars.p.38
6. 7. Total capital disbursed and committed across nine Limited Partnerships reached $105,823 thousand as of March 31, 2015.p.34