Regina-based PFM Capital Inc. announced on Aug. 18 that the company’s APEX IV Investment Fund Limited Partnership (APEX IV) has secured a $15 million capital commitment from the Manitoba First Fund (MFF). The $15 million will be matched by APEX IV to provide $30 million in capital for Manitoba businesses.
MMF is the new $100 million venture capital organization funded by the Manitoba government as a fund of funds partnering with other investors to bring capital to Manitoba.
“On behalf of myself and the Board of MFF, we look forward to having an excellent organization like PFM in Manitoba and to working with PFM to make this venture a success for all Manitobans,” said MMF CEO Ken Ross. “We’re pleased to have the second allocation of capital from MFF committed and be another step closer in accomplishing our objective of facilitating access to capital for the further development and growth of Manitoba businesses, creating opportunities for Manitoba’s communities and economy.”
In addition to the capital commitment, PFM Capital will also establish its first office outside Saskatchewan led by Ryan Klassen.
“Access to capital is a key foundation to support a growing economic sector in Manitoba. I’m excited to be part of the PFM team, combining my extensive local knowledge with their deep expertise in managing private capital for over 20 years. Together, we will expand the capital ecosystem in the province,” said Klassen with the announcement.
Established in 1993, PFM Capital Inc. is Saskatchewan’s largest private equity investment firm with over $850 million in assets under management across several funds.