Ottawa-based Celtic House Venture Partners Fund IIA was formed on October 8, 2002, as an investment fund to provide new and follow-on financing to companies that specialize in the telecommunications, information storage, networking and Internet infrastructure sectors. Investors in the fund include the Canada Pension Plan (CPP) Investment Board, the Ontario Municipal Employee Retirement System (OMERS), the Teachers’ Merchant Bank, the private equity arm of the Ontario Teachers’ Pension Plan Board, Canadian entrepreneur Terence Matthews and a U.S.-based investor. The investors agreed to contribute an aggregate of US$80 million to the fund. The fund includes an existing investment portfolio comprising securities of over 20 private companies.
David Adderley, partner and chief operating officer, Celtic House, acted as the fund’s in-house counsel, supported by Osler, Hoskin & Harcourt LLP with a team that included Mark DesLauriers, Craig Wright and Greg Wylie (tax) and Derek Keay, Ed Vandenberg, Alex Kilgour and Karen Lee. Testa, Hurwitz & Thibeault, LLP in Boston was U.S. counsel to the fund, with a team comprised of Heather Stone and Bryan Fecteau (securities) and Arnold May (tax).
Terence Matthews was represented by Leslie Rose and Greg Ho Yuen of Fasken Martineau DuMoulin LLP. Torys LLP acted for the institutional investors, with a team including Donna Parish, and Geoff Dyer (tax) and Michael Pickersgill and Jonathan Weisstub. Elizabeth Cobey of Cooley Godward LLP in Palo Alto, California provided U.S. advice to the investors.