Advantage announces $4 million loan agreement with Beedie Capital Partners to make follow on investments in portfolio companies. As part of the loan agreement, Lions Capital Corp., agrees to terminate its management agreement with Advantage and transfer its employees to Advantage, effective December 31, 2011. Advantage also agrees to merge Advantage Venture Fund and Advantage Strucutred Fund I.
Lions Capital voluntarily agrees to reduce its management fee paid by Advantage from 2.75% to 1.25% in respect of all capital that is elegible for redemptions but currently suspended. Lions Capital also volunteers to waive performance fees until redemptions have been reinstated.
Advantage accounces it will close Advantage Strucutured Fund I (ASFI) to further subscriptions on March 2, 2011. The fund was closed to ensure that existing shareholders receive the full benefit of future dispositions of ASFI portfolio companies.
Two of Advantage's portfolio companies rank highly in report listing Canadian companies which have the highest upside potential based on securities analyst's recommendations versus their current market capitalizations. Allon Therapeutics was named the top Canadian stock for upside potential and Protox Therepeutics also ranked highly at 21st spot.
Advantage portfolio company, Protox Therapeutics, annouces Investment Agreement with Warburg Pincus, a leading global private equity firm. Warburg Pincus will invest up to $35 million in Protox subject to certain conditions.
Advantage announce that it is temporarily suspending redemptions of Advantage Venture Fund (AVF) and Advantage Growth Fund (AGF). Continuing adverse financial markets for emerging technology companies have made it difficult to achieve liquidity on Advantage investments at reasonable valuations. Therefore, redemptions will be temporarily suspended until exits can be achieved at prices more reflective of true enterprise values. AVF and AGF will be merged to achieve greater operational efficiencies and reduce costs.
Advantage portfolio companies NxtGen Emission Controls Inc., Zeugma Systems Inc., In Motion Technology Inc. and Contech Enterprises, Inc. receive top national and international awards.
Advantage announces the passing of its Chairman, Dr. Don Rix. Dr. Rix served as the firm's Chair since its inception in 2003 and made a tremendous contribution to Lions' growth and success.
Advantage completes redemptions on its award winning Advantage Life Sciences Fund I. Including a special cash dividend and the VCC tax credit, investors received a return of over three times their initial net investment.
In response to market conditions, Advantage announces a change in name and investment focus for its Advantage Life Sciences Fund II. The fund becomes the Advantage Growth Fund with a focus on investments in BC based growth companies.
Advantage Technology Fund is converted into the Advantage Venture Fund based on relative net asset values per share to provide Technology Fund shareholders with improved operating efficiencies and exposure to a more diversified portfolio of venture investments.
Advantage sells out its full allocation for the 2007 program year, raising a record $16.2 million in its Advantage Venture Fund and Advantage Life Sciences Fund II.
Lions Capital acquires Pender NDI Life Science (VCC) Fund, which it renames the Advantage Life Sciences Fund II.
Advantage Technology Fund portfolio company Parasun Technologies is acquired by Uniserve Communications Corp. (TSXV:USS) for $14.5 million, providing Advantage with a realized return of 5.5 times invested capital.
Advantage Technology Fund portfolio company Brightside Technologies is acquired by Dolby Laboratories (NYSE:DLB) for $30.4 million in cash, providing Advantage with a realized return of 2.8 times invested capital.
Advantage receives additional 2006 tax credit allocations from the Investment Capital Branch and raises an aggregate of $13.4 million for the 2006 program year.
Advantage declares and pays a special dividend of $10.00 per share to the shareholders of the Advantage Life Science Fund I, in order to distribute excess cash on hand.
It is announced that the Advantage Life Science Fund I has provided its investors with the highest one year, three year and five year returns of any retail venture capital fund in Canada (Source: GlobeFUnd VC Index).
Advantage receives the Canadian Venture Capital Association 'Deal of the Year' Award for achieving the highest realized return on a single investment (23.4X return on its investment in
Aspreva Pharmaceuticals) of any institutional or retail venture fund in Canada that year.
Advantage completes the sale of its stock in Aspreva Pharmaceuticals for aggregate proceeds of $5.4 million, providing the Advantage Life Science Fund I with a realized return of 23.4 times invested capital.
Advantage raises its full $10 million tax credit allocation for 2005 by February 17, 2006.
Advantage raises its full $10 million tax credit allocation for 2004 by January 15, 2005.
The Advantage Technology Fund raises an aggregate of $10 million and is closed. At the request of the then manager of the Advantage Technology Fund, the Board of Advantage subsequently transfers $5 million from the Advantage Technology Fund to the Advantage Venture Fund in April 2005.
As substantially all investors in Advantage have historically chosen to make a diversified investment that was split evenly between the two funds, the Board of Advantage broadens the mandate of the life science fund to include both technology and life science investments and renames it the 'Advantage Venture Fund'. The Board agrees that the Advantage Technology Fund will continue to focus its investments in technology companies and caps that fund at $10 million.
Advantage merges with Qwest Emerging Biotech (VCC) Ltd. and the Qwest shareholders exchange their shares of Qwest for shares of the Advantage Life Science Fund I. Ray Matthews and Jim Heppell co-founded Qwest in 2001.
Advantage raises $12.4 million of tax credit allocation for 2003.
Advantage receives a record breaking $2.1 million of orders for its shares on its first day of sales.
Don Rix, Frank Holler, Jim Heppell, David Raffa and Ray Matthews co-found BC Advantage Funds (VCC) Ltd. Advantage offers investors the opportunity to invest in a dedicated life sciences fund, and dedicated technology fund, or to make a diversified investment that is split evenly between the two funds.