GrowthWorks (WVIS) Ltd., manager of Working Ventures Canadian Fund and Working Ventures Opportunity Fund announced Thursday that the two funds have adopted key changes to their valuation and investment policies.

The changes in the valuation policy focus on applying more objective and specific methodologies for valuing venture investments.

GrowthWorks also plans to seek shareholder approval at the next annual general meeting to allow the funds to value and price their shares on at least a weekly basis. If approved, the funds intend to price daily during the RSP season and weekly the rest of the year.

The funds have also adopted a new investment approval process. The manager of the funds can approve initial investments of up to $500,000 (per quarter) and follow-on investments of up to $3 million. Each fund’s investment committee can approve investments of up to $6 million. Investments greater than $6 million require Board approval.

The funds’ boards have also approved changing the basis for determining each fund’s pro rata share in a mutual investment opportunity from dollars available for investing to net asset value. The funds have also adopted a policy on investing with other funds that are managed by its manager and its affiliates and, generally, will only co-invest with such funds if 25% of the proposed aggregate investment is by an arm’s length investor or the pricing reflects an independent valuation by a qualified valuator.