Search Begins for Regional Venture Capital Fund Manager

Atlantic Canada is a step closer to launching a privately managed venture capital fund to support high-potential companies in the region.

Nova Scotia announced today, Sept. 1, that Wilson Executive Search will help recruit a qualified individual or company to manage the new fund.

"Knowledge-based companies create good jobs, expand exports and help grow the economy; they are vital to the future prosperity of Atlantic Canada," said Deputy Premier Frank Corbett. "Nova Scotia is pleased to be working with New Brunswick and across the region to provide the support these companies need to be globally competitive."

Nova Scotia and New Brunswick have each committed $15 million toward the creation of the new fund which will target opportunities throughout Atlantic Canada.

Innovacorp, Nova Scotia's venture capital and technology commercialization corporation, has been working on behalf of the two provinces to set up the fund and secure additional investors.

The fund will be launched in February 2012, and will invest in companies from the clean technology, life sciences, information technology and other high-growth sectors.

"Venture capital helps smart New Brunswick companies turn innovative ideas into real economic growth and new jobs," said New Brunswick Premier David Alward. "New Brunswick is working with its partners in Atlantic Canada to remove the barriers to that growth."

Halifax-based Wilson Executive Search has a proven track record in executive recruitment, including senior financial professionals. It is expected the fund manager will be selected in November by the fund's partners.