(January 13 – 09:55 ET) – Triax Capital Holdings Ltd. has launched its New Millennium Internet Ventures Fund today for purchase in Ontario. It is an Internet-focused labour sponsored investment fund.
The fund offers two series of shares. The series I balanced shares provide full repayment of the investor’s principal by the end of February 2010, regardless of investment performance. The investments will be made in early stage Internet ventures with less than $1 million in assets. The series II venture shares will be invested primarily in a diversified portfolio of Internet companies with less than $50 million in assets.
Both share series are eligible for tax credits of up to $1,500 on a $5,000 investment. The fund is also fully RRSP eligibe. The shares will initially be offered at $10 per share, with a minimum initial investment of $500. The balanced shares are available only until February 29. The offering of Venture Shares is continuous.
The fund is advised by Peter Tolnai of Elijah Asset Management, one of the leading high tech and Internet investment firms, and Bill Easterbrook, advisory director of Hambrecht & Quist Investment Management, a world renowned technology investment bank.