About the Ontario Venture Capital Fund


The Ontario Venture Capital Fund (OVCF) is a joint initiative between the Government of Ontario and leading institutional investors to invest primarily in Ontario-based and Ontario-focused venture capital and growth equity funds that support innovative, high growth companies.

OVCF is structured as a fund of funds with the primary objective of generating attractive returns for its investors. The fund closed in June 2008 with $205 million in capital commitments, of which $90 million came from the Government of Ontario. Northleaf manages the Fund on behalf of the investors, which include the Government of Ontario, TD Bank, RBC, the Business Development Bank of Canada, and Manulife Financial.

OVCF is fully committed and performing well.

Portfolio Guidelines

Through a disciplined focus on generating attractive returns for its Lead Investors and fostering the development of high-quality fund managers, OVCF will serve as a new and important catalyst in ongoing efforts to create a profitable, globally competitive and self-sustaining venture capital industry in Ontario.
  • The OVCF portfolio will consist principally of Ontario-based and Ontario-focused venture capital and growth-oriented funds and direct co-investments.
  • A minimum of 80% of the capital will be committed to Ontario-based and Ontario-focused funds.
  • Ontario-focused funds include funds that may be based outside of Ontario but have a demonstrated history of sourcing and evaluating potential investments in Ontario-based companies.
  • Up to 20% of the capital may be invested in other North American venture capital funds as a means of generating enhanced returns and fostering the transfer of best practices.

Select Institutional Investors

Ontario government logo
bdc logo
Manulife logo
royal bank of canada logo
td logo



Northleaf was selected to manage OVCF following a rigorous review process that included an evaluation of several of the world’s leading private equity fund of funds managers. As a fully discretionary mandate, Northleaf makes all investment decisions on behalf of the Fund.  

Northleaf also manages Northleaf Venture Catalyst Fund (NVCF I) and Northleaf Venture Catalyst Fund II (NVCF II). NVCF I which was launched in 2014, is fully committed and performing well. For more information on NVCF I, click here. NVCF II was launched in 2018 and is currently actively investing. For more information on NVCF II click here.


Select Investments

Fund Investments

georgian partners logo mid market investing
golden ventures northleaf capital mid market investing
lumira ventures logo
xpv water partners logo
relay ventures logo mid market
celtic house venture partners logo
RHO logo

Direct Investments

OVCF investment bluecat
northleaf invests achievers
northleaf invests shopify
northleaf investment newterra
Northleaf venture investment polar


Ontario Venture Capital Fund commits $70 million to three leading venture capital funds

Ontario Venture Capital Fund makes another lead commitment to Blackberry Partners Fund II

Georgian Partners successfully completes first close ahead of its $50 million initial target; OVCF confirms its commitment as lead investor

OVCF makes first direct co-investment with investment in I Love Rewards 

OVCF strengthens Ontario’s venture capital industry with a commitment to Georgian Partners

Innovation in Ontario: TD Capital Selected to Manage New Ontario Venture Capital Fund 

205 million investment fund to grow jobs of the future 


E-Venture Newsletter

Volume 1
Volume 2
Volume 3 
Volume 4 
Volume 5 
Volume 6 


Questions regarding Ontario Venture Capital Fund may be directed to the Fund Manager, Northleaf Capital Partners:

79 Wellington Street West, 6th Floor, Box 120
Toronto, Ontario M5K 1N9  Canada
t: 1.866.964.4141
f: 416.304.0195