Desjardins reports rising share price in half-year results for its venture capital arm

Its portfolio includes 19 co-operatives which benefited from commitments amounting to $196m

Capital régional et coopératif Desjardins (CRCD) has announced its half-year results to the end of 30 June, with its share price up CA$0.58 from December 31, 2017 to $14.67.

A fund manager specialising in growth and venture capital, CRCD offers support to Québec’s growing businesses and innovative start-ups. The public company was set up by Desjardins Group, the largest association of credit unions in North America.

In its results, it reported a non-annualised return of 4.1% and net earnings of $77.9m. Net assets amounted to $1,977 million.

“During the first six months of fiscal 2018, we committed a full $109m to 70 companies and co-operatives,” said chief operating officer Luc Ménard. “These investments by CRCD and the funds in its entrepreneurial ecosystem, along with the guidance offered by our teams to a wide range of entrepreneurs, help them expand their businesses, and create and maintain invaluable jobs.”

CRCD says its ecosystem nurtures 462 companies, co-ops and funds through $1,099m committed across Quebec. And of the portfolio as a whole, 19 co-operatives benefited from commitments amounting to $196m.

The organisation says $140m in shares is up for for sale in the 2018 issue, with a Québec tax credit of 35%. Pre-subscription for the shares runs from 9am Quebec time on 4 September to 5pm on 24 September via a secure online form or through AccèsD.

For 2018, the maximum amount per investor has been set at $3,000. After the pre-subscription period, selected investors will have until November 9, 2018 to complete their subscriptions.

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