The Globe and Mail reports in its Monday edition that John Ruffolo's private-equity firm is officially in business after raising money from five Canadian institutions, seven months after the Bay Street money manager was nearly killed in a traffic accident. The Globe's Sean Silcoff writes that Maverix Private Equity last week received funds from CAAT Pension Plan, B.C. Investment Management Corp., Bank of Montreal, Canadian Imperial Bank of Commerce and Mattamy Asset Management to anchor its first $500-million (U.S.) fund. Mr. Ruffolo will target later-stage, fast-growing Canadian technology companies. Maverix has already made its first financing offer and he expects to reach a "first close" target of $350-million (U.S.) by mid-June after receiving pledged funds from wealthy individuals and families. The Maverix advisory board is stacked with well-known Canadian entrepreneurs, including former BlackBerry co-chief executive officer Jim Balsillie, Mattamy founder Peter Gilgan, Canada Goose CEO Dani Reis, Dragons' Den star and financier Arlene Dickinson, and Toronto Raptors founder John Bitove. Mr. Ruffolo set out to start a private-equity firm after departing as head of OMERS's venture capital arm in late 2018.
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