HedgeCo.Net — Toronto-based Radical Ventures announced on September 15 the first close of its Radical Breakouts Fund at well over $1 billion USD (about C$1.4 billion), unveiled at Prime Minister Mark Carney’s inaugural Canada Investment Summit, according to BetaKit and independently covered by TechTimes and RuntimeWire. The firm called the vehicle multi-billion-dollar without stating a final hard cap or exact first-close figure above $1 billion. Named limited partners include PSP Investments, CPP Investments, HOOPP, TD Bank Group, BMO Financial Group, CI Global Asset Management, and OPTrust, among others not publicly named.
The Breakouts strategy targets late-stage AI companies that Radical argues will stay private long enough to reach very large valuations before public markets—capital the firm says has, until now, been financed almost exclusively by U.S. investors. Co-founder and managing partner Jordan Jacobs framed the gap as Canadian AI companies lacking domestic scale capital through their most important growth years. Radical previously moved into later-stage investing in 2024 with an $800 million USD growth fund; portfolio context on the tape includes Cohere and Waabi.
This is a disclosed first close, not a final close. Mark the well-over-$1 billion USD first close, the named Canadian pension and bank LP roster, the late-stage AI Breakouts mandate, the Canada Investment Summit venue, and the multi-billion-dollar framing without a stated final target as sourced. Do not invent individual LP check sizes, a hard cap, or a deployment pace. The allocator object is a Canadian GP standing up late-stage AI dry powder with domestic institutional LPs.