Page 22 - Demo

Results: Investments
Intermediate Outcomes
Increased access to smart Venture Capital for Alberta companies
Results and Discussion
Key Performance Indicator: New AEC fund commitments during the fiscal year (# funds approved and legally closed)
Target: 3 approved and 2 or more legally closed over 2022/23
To measure this outcome AEC reviews a number of factors, including how many fund commitments have been made during the year. Actual investment into Alberta companies is also a strong indicator, which is discussed in the next section.
As of March 31, 2023, AEC has committed $332 million for investment into 31 VC funds, including the three angel co-investment funds: Accelerate I, II and III. This can be compared to March 31, 2022, when we had committed $269 million into 25 funds. During the 2022/23 fiscal year, five new fund investments were approved by the Board (two of which were legally closed after the year-end) and six new funds were legally closed and added to the portfolio: iNovia 2022, Relay V, Alpaca III, PillarFour II, Evok II, and Sprout II. Through the approval and legal closings of these funds, AEC has executed on the planned strategies noted above and exceeded the 2022/23 target (3 funds approved and 2 or more funds legally closed) as a result of the team effectively originating, screening, assessing and legally closing new funds.
Through our funds, Alberta knowledge-based companies have had access to close
to $4.6 billion in Venture Capital, leveraging up our capital by a factor of 13.8:1.14 This can be compared to 2022/23 when our funds had created access to $3.4 billion with a leverage ratio of 13.0:1. The variance is related to the addition of the new funds during this fiscal year.
2022 2023
14 Total access to capital is calculated using the total fund size of all AEC’s funds (in CAD), excluding capital that cannot be invested in Canada. AEC’s leverage is calculated by dividing the aggregate fund size of AEC’s portfolio, by AEC’s fund commitments as of March 31, 2023.
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