Ventures West Completes First Fund Closing

Ventures West Management Inc. completed the first closing of Ventures West 8 on October 31, 2003. The value of the deal was $158 million. Ventures West 8 will invest in early-stage biotechnology, communication, energy technology and IT companies across Canada. Investors in the fund include British Columbia Investment Management Corporation, Business Development Bank of Canada, Canada Pension Plan Investment Board, EdgeStone Capital Partners Inc., Ontario Municipal Employees Retirement System and Teachers’ Merchant Bank.

Ventures West was represented by Torys LLP, with a team that included Gary Solway,
John Unger and Jonathan Weisstub; and by Lawson Lundell, with a team that included Valerie Mann and David Allard.

The investors, other than CPP Investment Board, were represented in Canada by Jonathan McCullough of McCullough O’Connor Irwin in Vancouver; and by Leonard Glass (tax) of Lawson Lundell.

CPP Investment Board was represented by Goodmans LLP, with a team that included Kenneth Wiener, David Sherman and Yi-Wen Hsu; assisted in the U.S. by Jay Milkes (tax) of Ropes & Gray LLP in New York.