MEDIUM | Maverix Private Equity - A Vision For Canada
I am a proud Canadian. Canada is an amazing place to live, work, play and raise your children. I am also a deep believer in innovation and entrepreneurship to unlock the future wealth and prosperity of tomorrow. I believe that Canada has the talent and culture to build globally competitive companies and through the Council of Canadian Innovators (www.canadianinnovators.org), we have supported our various governments in how we could do better. What is needed is a platform for these globally competitive companies to flourish and win!
With this, I am pleased to officially announce the launch of Maverix Private Equity. We are an organization run by entrepreneurs, funded by entrepreneurs, for entrepreneurs. We believe entrepreneurs will guide Canadians to wealth and prosperity of tomorrow. The Vision for Maverix Private Equity is to pioneer a community of disruptors by building a dynamic partnership with entrepreneurs who create transformative and sustaining impact.
Maverix Private Equity is proud to launch its first fund, the Maverix Growth Equity Fund. The USD$500mm fund is led by an experienced and talented team with the background, network, and track record necessary to successfully execute on an investment strategy of technology- enabled disruption. The enablement of technology in all industries is being used to disrupt traditional incumbents who are now realizing that they must also weaponize with technology to defend themselves against the disrupting upstarts. All organizations are in transition, whether they realize it or not. It is the entrepreneur that will lead us through this next phase of disruption.
What a wild ride this has been! Trying to raise a first-time fund with such size and scale is always a challenge. Trying to raise such a fund during COVID brought us interesting new challenges that were very difficult to overcome. And if that were not enough, trying to raise such a fund following a life-threatening traumatic injury — well, we are just gluttons for punishment!
The Maverix Growth Equity Fund seeks to invest in businesses requiring growth equity in Canada and the United States with an entrepreneurial approach and a clearly defined technology-enabled disruption theme. The Fund’s targeted cheque size is anticipated to be in the range of USD$50–75mm (although with our co-investment partners, we can do much more), with rapidly growing revenue and evidence of a clear business model. We will seek to invest in exchange for a significant minority position of 20–40% with a view to be actively involved in order to partner with management to create value. The Fund actively follows a series of technologically driven disruption theses that it believes will reshape these industries and recast the competitive environment:
1. Financial Services;
2. Healthcare & Wellness;
3. Transportation & Logistics;
4. Work, Live, Play & Learn; and
5. Retail.
We believe the timing of the Maverix Growth Equity Fund could not be better. The impact of COVID is something we have not experienced since WWII. The loss of life and the impact to health by scores of individuals is unimaginably tragic. The impact to our economy, especially in Canada, presents an enormous challenge — a challenge that could impact the generations of tomorrow. But with challenges, there is opportunity. We see this Fund as an opportunity to partner with the emerging entrepreneurs of today so that we can help grow the stars of global businesses of tomorrow. For Canadians, this is a path for the wealth and prosperity for tomorrow — this is the Vision for Canada!
Behind any great initiative is a team of great people. I would like to thank the Maverix team who embraced the vision and remained devoted to the cause, despite the serious challenges we faced. In particular, I wanted to thank my co-founder and fellow Managing Partner, Mark Maybank , who stepped in to carry out our mission both during my accident and subsequent period of recovery.
I am deeply appreciative of our Advisory Board, Peter Gilgan, Jim Balsillie, Arlene Dickinson, and John Bitove for being early believers in us and also investors. In particular, we would not be where we are without the very early financial backing and mentoring of Peter Gilgan who shared in our vision in supporting entrepreneurs in building the path for tomorrow.
Thank you to all of our investors who believed in our vision despite the unpredictable times. In particular, I want to thank some of our key institutional investors who anchored our Fund including two major Canadian pension funds, CIBC, and BMO. These organizations play a leading role in supporting innovation and entrepreneurship in Canada and share our vision for Canada’s future.
Finally, I want to thank my family and friends who not only supported us through this journey but those that supported my family and I during my accident and recovery. My fellow cyclists from our Les Domestiques cycling team stepped in to support my family with no task too small. My greatest thank you goes to my family and especially my spouse Carryn. Carryn is the reason why I was able to recover to launch this Fund. She held our family together despite the unimaginable stress she went through. In contrast, I had the easier job to focus solely on my recovery.
I am incredibly grateful to all our supporters who will enable Maverix Private Equity to play a vital role in serving the entrepreneurs to create a path for the future — a future that ultimately benefits our children and children’s children.
To learn more about Maverix Private Equity, please visit www.maverixpe.com.