Inovia Capital raises $200M first close toward $325M Fund VI

Inovia Capital completed a $200 million first close for its sixth early-stage venture fund, more than halfway to a $325 million target that matches the predecessor fund's size, HedgeCo News reported on Oct. 22.

The Montreal firm took about six months to reach the first close and aims for a final close in the first quarter of 2027. Returning limited partners include the Business Development Bank of Canada, La Caisse de dépôt et placement du Québec, Canadian Imperial Bank of Commerce, Fondaction, Fonds de solidarité FTQ, Investissement Québec and Teralys Capital. The commitment base is heavily weighted to Canadian public and quasi-public institutions.

For allocators not already in the first close, the remaining $125 million is to be raised at the final close targeted for the first quarter of 2027. Fund VI will hold 15 to 20 seed and Series A positions rather than a broad portfolio, and Inovia kept the fund at roughly the predecessor's size instead of scaling with the AI theme, which HedgeCo says keeps ownership targets meaningful at seed and Series A.

Partner Karamdeep Nijjar said Fund VI is Inovia's "first completely AI-native fund." The fund will target cybersecurity, infrastructure, developer operations, energy, compute, robotics and quantum across North America and Europe.

Inovia's growth equity team has raised $365 million toward a planned $450 million for a third growth fund. The firm is rebuilding a Discovery Program for emerging managers with Northleaf Capital Partners and co-launched a $100 million Venture Scientist Fund with the Quebec AI institute Mila earlier this year. The first close puts Inovia's total assets under management at $2.7 billion.

Separately, Canada directed $75 million to pre-seed and seed investing on Oct. 22, a stream the National Angel Capital Organization described as the first federal one dedicated to the stage.