The board of directors of Dynamic Venture Opportunities Fund Ltd. has approved the deal in which Toronto-based B.E.S.T. Investment Counsel Ltd. will acquire the fund from Toronto-based 1832 Asset Management LP, the fund’s current investment and portfolio manager.
Dynamic Venture Opportunities Fund is labour-sponsored investment fund that’s available only to Ontario residents and makes long-term, venture capital investments in small and medium-sized Ontario businesses.
BEST will become the fund’s investment and portfolio manager and principal distributor upon closing of the transaction, which is expected to occur this autumn and is subject to regulatory and shareholder approvals. Following closing, the fund’s name will be changed to B.E.S.T. Venture Opportunities Fund Inc. CIBC Mellon Trust Co. will take over as the fund’s custodian from State Street Trust Co. Canada.
The fund’s shareholders of the Fund will be asked to approve, as applicable, the change of manager, name and custodian at a special meeting to be held this autumn.