Business people shaking hands

AGF Management Ltd. has diversified its private equity with a new partnership.

The global asset manager said on Thursday that it has partnered with Toronto-based First Ascent Ventures, which invests in emerging technology companies that build enterprise B2B software.

AGF will commit $30 million as a cornerstone investor to First Ascent’s second fund, and will be a member of the fund’s limited partner advisory committee, a release said.

“We continue to look to strategically deploy our capital and diversify our relationships within the private marketplace, and with First Ascent we are expanding our private alternatives platform to include private equity and venture capital opportunities focused on the venture growth, and growth equity segments,” said Kevin McCreadie, CEO and CIO with AGF, in the release.

McCreadie also noted that the partnership presented an “unprecedented opportunity” to invest in a leading portfolio of emerging technology companies.