Tandem Expansion Fund announces first closing of $300 million to support high potential Canadian technology companies

Tandem Expansion, a private investment firm focused on growth capital for high-potential Canadian technology companies, today announced the initial closing for $300 million of its first fund: Tandem Expansion Fund I, L.P (“The Fund”). The Fund received investments from a number of leading public, private and institutional investors, including the Business Development Bank of Canada (BDC), Export Development Canada (EDC) and Teralys Capital, a private technology-focused fund of funds.

Teralys Capital, EDC and BDC are providing the majority of the funds. BDC contributed $80 million, while Teralys and EDC each committed $75 million to the fund. The principals of Tandem Expansion have also made a significant investment alongside the Caisse de dépôt et placement du Québec and the B.C. Renaissance Capital Fund.

“We are very pleased to have raised $300 million in the current environment and have been impressed by the quality of the investment opportunities presented to us so far,” said Charles Sirois on behalf of Tandem Expansion. “Having reached this important milestone, Tandem is now open for business and ready to invest its capital and operational expertise to help high-potential Canadian technology companies succeed internationally.”

“BDC identified an important gap in the Canadian capital markets ecosystem which prevented promising technology companies from accessing the funds needed to mature and compete in the global marketplace,” said Jean-René Halde, BDC President and Chief Executive Officer. “By helping launch this new Fund, we are directly addressing this issue. We are delighted to have such high-quality co-investors join us in the Tandem venture.”

“Only five months after launching our operations, Teralys Capital is pleased to announce its first investment already,” said Jacques Bernier, Managing Partner, Teralys Capital. “We are proud to support Tandem. They are skilled investors and experienced entrepreneurs who bring the required expertise to grow outstanding entrepreneurial technology companies into global market leaders.”

“EDC’s $75 million commitment reflects our interest in supporting strong Canadian companies who might otherwise miss growth opportunities because of a lack of funds,” said Eric Siegel, President and CEO, EDC. “Promising Canadian technology companies have had to look to the U.S. for late-stage capital or have been faced with closing their doors. The net result has been a loss of intellectual property or lacklustre financial returns, and EDC wants to have a hand in helping bring those benefits home.“

The Fund’s general partner, Tandem Expansion, was co-founded by two of Canada’s most experienced venture capital/private equity investors, Charles Sirois and Brent Belzberg. Tandem’s managing partners – David Bookbinder, Andre Gauthier, Christopher Legg and Alex Moorhead – who will run the day to day operations of the Fund all have significant investment and entrepreneurial experience domestically and internationally.

For more information regarding Tandem, and to contact the Fund regarding investment opportunities, please visit www.tandemexpansion.com.