(April 3 – 11:15 ET) – The Caisse de dépôt et placement du Québec, aolng with several other investors, is launching a new $94 million biotech venture fund.

TC/Bio 2000 will finance life science start-ups spawned by universities, research centres and industry in Quebec, but it will also seek business opportunities in other Canadian universities and elsewhere in the world. “This new approach will allow us to promote synergies with the projects financed in Quebec, thereby encouraging their expansion,” explained Bernard Coupal, president of Gestion TC/Bio inc., the new fund’s predecessor.

The limited partners of the new fund are CDP Sofinov, a subsidiary of the Caisse, Bombardier Trust (Canada), the Solidarity Fund QFL, the Caisse des dépôts et de consignations de France and Innovatech Grand Montréal.

CDP Sofinov is putting in $47 million of the total $94 million, making it the fund’s principal limited partner. As well, CDP Sofinov will continue to grow Gestion TC/Bio’s network of partners by cross investing in other start-up funds in the world. As such, CDP Sofinov has invested in the French start-up fund Bioam with the Caisse des dépôts et de consignations de France as a main partner, and discussions are under way with other limited partners with a view to increasing the amounts committed to further develop the network.

“It is an essential fund that will speed up the development of biotechnology in Quebec,” stated Jean-Denis Dubois, director of health and biotechnology investments for the Solidarity Fund QFL.