September 17, 2009
Posted by on
The RFP process for the Ontario Emerging Technologies Fund administrator has ended, with Northwater Capital and Covington Capital having been selected.
According to the news item from OETF,
“Northwater Capital Management Inc. will review applications to become a qualified investor. Covington Capital Corporation will review applications from qualified co-investors in relation to qualified investments and will provide ongoing administration and monitoring of co-investments under the Fund.”
Don’t contact the service providers, though:
“All OETF-related decisions will be made by OCGC and all inquiries regarding the OETF should continue to be directed to OCGC.”
This is the last piece of the OETF puzzle, and in his recent presentation at the OBIO-MRI panel, John Marshall noted that they have already started looking at investors and deals.
June 19, 2009
Posted by on
The questions and answers from last Friday’s MRI information session have been posted on MERX. Here’s the link to the whole thing (if you have MERX access), but I’ll save you some time:
- There are two parts to the bid — one for evaluating Qualified Investors and one for evaluating Qualified Investments. The same bidder might be selected for both; but there will be a maximum of one bidder selected for each Part.
- Avoiding conflicts of interest means … still can’t tell, actually. The only thing we can tell for sure is that if you win the bid, you can’t be a Qualified Investor or bring in a Qualified Investment. Which leaves who, exactly?
- Lots of “no”s for the bidders: no indemnification, no inflation-indexed fees, no upside participation…
- Foreign funds can be Qualified Investors.
- Investee companies will be required to have and maintain an “Ontario footprint.” Shoe size TBD.
Here’s an interesting one:
Q105. How would the ministry deal with exit events that may go against Ontario’s interests? What triggers the assessment?
A105. As an investor, Ontario will decide on how to deal with exit events taking into consideration the recommendation of the Proponent, the interest of Ontario and the interest of all other stakeholders.
In other words, we have no idea. Let’s cross that bridge when we come to it. Cheers!
June 17, 2009
Posted by on
A couple of weeks ago, Ontario’s Ministry of Research and Innovation put out an RFP for the new $250 million Emerging Technologies Fund, looking for a third party to evaluate co-investor and investment applications, and to administer and monitor investments for the fund.
Last Friday, they held a briefing for interested parties where they presented an overview of the ETF and of the RFP. Here are the interesting bits:
Also, note that the deadline for addenda was extended. MRI can now publish addenda until June 18th, but bids are still due the 24th.
In order for your bid not to be disqualified, you have to get the RFP and apply through the tender system, MERX. It’s a ton of fun, plus you get access to the whole RFP and further updates, and can check out who’s been checking it out, too.
June 3, 2009
Posted by on
Ontario’s Ministry of Research and Innovation has put out an RFP for the new $250 million Emerging Technologies Fund.
They are looking for someone to evaluate co-investor and investment applications, and to administer and monitor investments for the fund.
Here’s the blurb from the RFP Abstract:
The OETF is a new $250 million program announced as part of Ontario’s 2009 Budget that would invest $250 million dollars over five years together with qualified venture capital funds and other private sector investors. This initiative is designed to help Ontario respond to the challenges emerging technology companies are experiencing in raising venture capital and other private equity. The Fund will focus on clean technologies, health and life sciences, and information and communication technologies, including digital media. The goal of the fund is to co-invest in high growth, innovative Ontario technology companies, with OETF as a co-investor. The RFP will enable MRI to retain the necessary external experts to support MRI in evaluating co-investors and co-investments, and in administering and monitoring these investments.
The final date for receiving written questions is June 10, 2009, 4:00 p.m.
Final Addenda will be issued by June 16, 2009, 4:00 p.m.
Optional Proponents Briefing will be held on June 12, 2009, 10:00 a.m.
Proposals must be received before 2:00 p.m. on June 24, 2009.
Read the full RFP at MERX.