The Caisse de dépôt et placement du Québec is making investments totalling $127 million to two new funds formed by iNovia Capital, a Quebec venture capital firm.

Initially, the Caisse will invest $100 million towards the fund targeting growing technology companies, while the remaining $27 million will be set aside for iNovia Capital’s startup fund.

Read: Caisse invests in security guard software company

The Caisse has invested with the venture capital firm on previous projects, including direct investments in new software businesses, such as Lightspeed, TrackTik and Poka.

“This transaction reflects our desire to reaffirm our commitment to leading venture capital managers in Quebec, thereby ensuring the development of strong technology companies,” said Charles Émond, executive vice-president for Quebec and global strategic planning at the Caisse, in a press release. “True to our strategy of supporting the best-performing and most promising companies in the funds in our portfolio, the creation of these two new funds represents another source of attractive future co-investment opportunities for CDPQ.”

Read: CPPIB joins other investors to acquire HR software company

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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