A consortium of Canadian investors will allocate C$145 million ($106 million) to MKB Partners Fund III, a Quebec-based growth equity firm that makes energy transition investments across industrials, clean energy, mobility and other sectors.
Québec funds Caisse de dépôt et placement du Québec and Investissement Québec will each commit C$35 million to the strategy. The Canada Growth Fund will invest up to C$50 million. BDC Capital plans to put C$25 million into the MKB fund.
MKB plans to make investments in growth-stage companies with commercialized success in building emission-reducing technologies. The fund’s prior investments include Flo, an electric vehicle charging network, and Bird, an electric scooter company.
“Through its cleantech funds strategy, CGF is seeking to provide further investable capital to Canadian managers to speed up the growth of Canadian cleantech champions,” said Patrick Charbonneau, president and CEO of the CGF, in a statement. “CGF is pleased to invest $50 million in MKB’s energy transition fund to scale the impact of its strategy and to foster growth and innovation in the Canadian clean technology sector.”
The Canada Growth Fund, established last year, is a C$15 billion ($11.12 billion) Canadian fund which aims to make energy transition investments in the country. The fund recently appointed Stephan Rupert as its first CIO.
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Tags: BDC Capital, Caisse de dépôt et placement du Québec, Canada Growth Fund, CDPQ, Investissement Québec, MKB Partners