Annual Report 2016 / 2017 (Alberta Enterprise Corporation)

Summary

• Alberta Enterprise Corporation has committed $125 million to 10 venture capital funds and two angel co-investment funds, leveraging its commitments into >$1.1 billion with a 9:1 leverage ratio.p.18
• Venture capital funds and their syndicate partners have invested over $375 million across 30 Alberta technology companies, creating more than 1,100 direct jobs.p.5
• Every $1 invested by Alberta Enterprise has resulted in more than $4 of investments back into Alberta companies, with the invested dollar currently valued at $1.18.p.7
• The Government of Alberta allocated an additional $75 million to the corporation ($25 million in 2016 and $50 million in 2017) and permitted re-investment of returned capital.p.3
• During fiscal 2016-2017, Alberta Enterprise disbursed $14 million to limited partnerships to meet investment and operational funding calls.p.27
• The corporation's backing has led to 11 profitable exits by portfolio funds, generating distributions to limited partners.p.5

Key insights

1. Alberta Enterprise's fund investments have resulted in six new and five expanded venture capital offices across Alberta.p.4
2. Cumulative VC investments into Alberta companies grew from $79M across 8 companies in 2013 to $375M across 30 companies in 2017.p.5
3. The corporation connected local founders to global ecosystems via >200 other limited partners, >480 portfolio companies, and >400 VC firms.p.4
4. In fiscal 2016-2017, new allocations included $10 million committed to Accelerate Fund II and US $10 million allocated to Relay Ventures Fund III.p.22
5. Four of the corporation's twelve limited partnership investments are denominated in US dollars, representing $44,066 thousand or 49% of total portfolio investments.p.45
6. Grassroots and ecosystem initiatives supported include the A100, Venture Capital Association of Alberta (VCAA), and AccelerateAB.p.23