The Globe and Mail reports in its Thursday edition that ex-Canada Pension Plan Investment Board chief executive officer Mark Machin and a former senior lieutenant are raising a $500-million growth capital fund to back artificial intelligence start-ups in Canada and abroad (all figures U.S.). The Globe's Sean Silcoff and James Bradshaw write that Intrepid Growth Partners is led by Mr. Machin and Mark Shulgan. Their new fund seeks to invest in fast-growing AI companies that have reached $10-million in annual sales and are on a path to achieve profitability. The firm will look to lead investment rounds, committing $30-million to $50-million per initial financing per company. The pair have hired principal Grant Wallace, who previously worked under Mr. Shulgan. They plan to name another partner in the near term. Intrepid is hoping to raise about $200-million in a "first close" for the fund by midyear, which would allow it to start rolling out capital into deals. Intrepid's leaders are betting that AI has reached an inflection point, particularly after the arrival of Microsoft-backed OpenAI's ChatGPT in 2022, and will be a hugely disruptive force across the global economy, changing everyday life and business.