Manitoba’s newly formed venture capital fund — Manitoba First Fund — has made its first investment of $25 million with the veteran Saskatchewan venture capital money manager, WestCap Management Ltd.
WestCap is forming a dedicated $60-million Manitoba fund, called Connect Manitoba Growth Fund, along with about $30 million of investment from four Manitoba credit unions, led by Access Credit Union.
The Manitoba fund will invest in later-stage growth companies that have market acceptance for their product or service.
MIKAELA MACKENZIE / WINNIPEG FREE PRESS
Premier Heather Stefanson announced new funding for the Manitoba Venture Capital Fund at their soon-to-be headquarters on Lorimer in Winnipeg.
Grant Kook, who has led WestCap for 25 years, out of Saskatoon, and whose five funds manage about $1 billion in assets, said his sweet spot will be investments of between $2 million and $6 million in Manitoba companies.
“Our expertise is investing in those types of companies,” Kook said at a news conference at the site of Manitoba First Fund (MFF) offices in the southwest end of the city.
“It also aligns with the risk that the credit unions want to take,” Kook said.
It will invest in sectors such as agriculture, manufacturing and processing.
“We like innovative companies whose product has been proven out and have market acceptance, but need capital for accelerated growth to take their companies to the next level,” he said.
Premier Heather Stefanson attended the news conference. Her government announced an additional $50-million investment in the Manitoba First Fund in last week’s budget, bringing the province’s commitment to the fund to $100 million.
The province’s move into venture capital investing — which it has not done since the Crocus Investment Fund went into receivership 15 years ago — is to help Manitoba companies deal with the lack of access to capital — a sore point for many years.
Kook quoted recent data from the Canadian Venture Capital Association that said of the $7.2 billion of private equity invested in Canada in the first three quarters of 2022, only 0.3 per cent of it came to Manitoba.
“The Manitoba Connect Growth Fund is here to help change that stat,” he said.
The MFF — which is looking to hire a professional manager — will invest in professionally managed funds that will bring their own capital to leverage the impact of the province’s investment. Those independent funds will invest in specific Manitoba companies and MFF — which will have two of five board members chosen by the province — will only invest in professionally managed funds like WestCap.
While Connect Manitoba Growth Fund will not address capital needs of early stage or startup companies, Mike Pyle the chairman of the board of MMF, said other funds, which will handle every stage of capital needs, will come on.
Larry Davey, president and CEO of Access Credit Union, the largest in the province — which is finalizing mergers with Amaranth, Carpathia and Casera credit unions — said the move into this type of venture capital investing has been in the works for a few years.
Access has invested in Manitoba companies with WestCap in the past.
MIKAELA MACKENZIE / WINNIPEG FREE PRESS
Grant Kook, who has led WestCap for 25 years, out of Saskatoon, said his sweet spot will be investments of between $2 million and $6 million in Manitoba companies.
He said he expects more Manitoba credit unions will want to participate after the fund gets going. Fusion, Sunrise and Stride credit unions are joining Access as initial investors.
“At the end of the day, all credit unions are looking to determine the best way to support their members,” said Davey. “It’s frustrating when you can’t help members when they need the support. We definitely have members that will be able to take advantage of this fund.”
Kook said having credit unions as partners means the fund will have feet on the ground in communities across the province.
Connect Manitoba Growth Fund will set up an office in Winnipeg soon, with an initial staff of one or two people.
Kook and WestCap have a good perspective on the Manitoba economy. It already owns a stake in a few companies from this province, including Librestream and Fort Garry Brewing.
Kook said the deal flow is expected to be strong.
“It will be diversified in that respect because we will not have geographic diversification,” said Kook. “Every investment we make will be in only Manitoba companies.”
While it will focus on established companies, Pyle said the MFF has been in discussions with four or five other funds, including an early-stage technology fund out of Alberta, and another Saskatchewan fund.
“We have not finished our due diligence with them yet. That’s why the province stepped up with the second batch of capital,” he said. “There’s nothing worse than getting started and then running out of money right away.”
martin.cash@freepress.mb.ca
Martin Cash Reporter
Martin Cash has been writing a column and business news at the Free Press since 1989. Over those years he’s written through a number of business cycles and the rise and fall (and rise) in fortunes of many local businesses.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
