MONTREAL, Jan 14 (Reuters) - Canadian Prime Minister Stephen Harper on Monday announced a plan to invest C$400 million ($408 million) in venture capital in new and existing funds led by the private sector over a span of seven to 10 years.
"We will provide the resources needed to put Canada's venture capital industry on the path to sustainability and ensure Canada's high-potential firms have the resources they need to succeed," Harper said in a statement.
The plan would allocate to money as follows:
- C$250 million to establish new, large private sector-led national funds that will invest in several other venture-capital funds, in partnership with institutional and corporate strategic investors as well as with interested provinces;
- Up to C$100 million to recapitalize existing large private sector-led funds in partnership with willing provinces;
- Up to C$50 million in three to five existing, high-performing venture-capital funds in Canada.