On December 2, 2002, Toronto-headquartered Working Ventures announced that agreements were entered into with Vancouver-based GrowthWorks Ltd. under which its subsidiary GrowthWorks WV Management Ltd. will become the new manager of Working Ventures Canadian Fund and Working Ventures Opportunity Fund, formerly Working Ventures II Technology Fund. The Working Ventures funds are sponsored by the Canadian Federation of Labour and together are one of Canada’s largest national venture capital fund groups. With over $700 million in combined assets under management as a result of the new arrangements, GrowthWorks is the third-largest labour sponsored venture capital fund manager in Canada.
Under the agreements, GrowthWorks WV Management acquired all the shares of GrowthWorks (WVIS) Ltd., formerly Working Ventures Investment Services Inc., the current manager of the Working Ventures funds. During a transition period, which is not expected to exceed 12 months, GrowthWorks WV Management will manage the Working Ventures funds through the current manager pursuant to the existing management agreements. After the transition period, GrowthWorks WV Management will manage the Working Ventures funds under a new management agreement.
Working Ventures was represented in-house by Susan Silma, general counsel, and by McMillan Binch LLP with a team that included Margaret McNee, Beverley Flynn, Walter Lehman, Shendra Matijacish, Andrew McFarlane and Kimberly Poster (corporate and securities) and David Wentzell (tax). Alex Irwin, Tamara Howarth and Jill McFarlane (corporate finance and securities) of Irwin, White & Jennings in Vancouver represented GrowthWorks.