Teralys Capital

What Teralys Capital does

Teralys Capital is a private Canadian fund-of-funds manager headquartered in Montreal, Quebec, founded in 2009 by Jacques Bernier and Éric Legault. The firm invests in private venture capital funds focused on information technologies (55%), life sciences (35%), and clean or industrial innovations (10%), operating across Canada, the United States, Europe and Asia. Teralys is the largest innovation-focused investor in Canada with approximately $2.0B in assets under management distributed across five specialized fund-of-funds vehicles — TCFF2009 ($600M), TCIF2014 ($375M), TCIF2018 ($400M), TFAQ2019 ($50M seed fund), and TCIF2023 ($475M) — plus outsourced management mandates for legacy venture capital funds representing more than $650M in additional AUM.

Teralys's core products are its fund-of-funds vehicles and its outsourced portfolio management services for institutional investors. The firm employs a seven-pillar investment framework (optimal fund size, operational expertise, alignment of interests, global network, access to corporate sponsors, proven track record, and long-term commitment to diversity) to select underlying venture capital fund managers. At full deployment across vintages, Teralys has relationships with over 60 partner VC funds and nearly 300 underlying portfolio companies. The product set is supplemented by an investor portal for limited-partner reporting and access.

The firm operates as a traditional asset manager rather than a technology company, generating revenue through management fees on assets under management and carried interest on realized portfolio fund returns. Its customer base is institutional: anchor limited partners include CDPQ and Fonds de solidarité FTQ, with additional LPs spanning BDC Capital, CIBC, Desjardins, Beneva, Banque Nationale, Fondaction, Fiera Capital and Bpifrance. Three of the five core fund vintages (2014, 2018, 2023) are explicitly mandated by federal and provincial government programs. A 23-person team (12 investment professionals and 11 operations staff) supports deployment across active funds.

Name

Teralys Capital

Legal name

TERALYS CAPITAL (FONDS D'INNOVATION) INC.

Website

https://teralyscapital.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Teralys Capital is a Montreal-based private fund-of-funds manager that invests in venture capital funds focused on information technologies, life sciences, and clean or industrial innovations across Canada and internationally. It manages approximately $2.0B in AUM across five specialized fund-of-funds vehicles for institutional and government LPs.

Ownership category

akta.pro rank

Product category

Venture Capital Fund-of-Funds Management

NAICS

Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

Environmental & Resource Efficiency Funds (Water, Waste, Recycling, Efficiency) (FSANAEAE), Climate / Clean Tech & Decarbonization Funds (FSANAJAA)

Keywords

• Venture capital fund management
• Fund of funds
• Innovation investing
• Private equity management
• Institutional asset management

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management: Teralys Capital generates revenue through management fees and carried interest from its fund-of-funds vehicles. As a fund manager for private venture capital funds, the firm earns fees based on assets under management and performance distributions from portfolio fund returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Teralys Capital is a private fund-of-funds manager that invests in venture capital funds focused on information technologies, life sciences, and clean/industrial innovations. The firm raises and manages multiple fund vehicles (TCFF2009, TCIF2014, TCIF2018, TFAQ2019, TCIF2023) on behalf of institutional investors, committing capital to carefully selected underlying VC funds and managing two outsourced legacy VC fund mandates for CDPQ and FTQ.

Product overview

Teralys Capital operates as a private fund manager offering a unified platform of fund-of-funds products for venture capital investing in innovation. The core offering consists of five specialized fund-of-funds (TCFF2009, TCIF2014, TCIF2018, TFAQ2019, TCIF2023) that collectively invest in Canadian and international venture capital funds focused on information technologies, life sciences, and clean or industrial innovations. Additionally, Teralys manages two outsourced legacy fund mandates for institutional investors. The company supplements its fund management services with an investor portal for client access. Teralys is the largest innovation-focused investor in Canada with $2B in assets under management.

Differentiator

Problem solved

Functional benefit

Products and services

• TCFF2009 – Teralys Capital Fund of Funds L.P. First independent fund of funds raised by Teralys Capital in 2009 with a final size of $600M, focused on financing and supporting the growth of innovating Quebec-based enterprises. Portfolio includes 17 venture capital funds. Targeted at institutional LPs seeking Quebec innovation exposure.
• TCIF2014 – Teralys Capital Innovation Fund 2014 L.P. Second independent fund of funds raised in 2014 with a final size of $375M, dedicated to financing and supporting the growth of innovative Canadian enterprises. Portfolio includes 20 venture capital funds and 11 co-investments. For institutional LPs seeking diversified Canadian innovation exposure.
• TCIF2018 – Teralys Capital Innovation Fund 2018 L.P. Third independent fund of funds raised in 2018 with a final size of $400M, focused on financing and supporting the growth of innovative Canadian enterprises. Active and fully committed portfolio of 26 venture capital funds and 12 co-investments. For institutional LPs seeking active Canadian innovation VC exposure.
• TFAQ2019 – Teralys Capital Fonds Amorçage Québec 2019 Seed-focused fund of funds with a size of $50M dedicated to seed funds investing mainly in Quebec, with a mandate to foster the development of emerging seed managers. Currently in its investment period, it includes 4 innovation funds and 1 life science fund principally active in Quebec. For institutional LPs seeking Quebec seed-stage exposure.
• TCIF2023 – Teralys Capital Innovation Fund 2023 L.P. Fourth independent fund of funds raised in 2023 with a size of $475M, mandated to finance and support the growth of innovative Canadian enterprises in information technologies, life sciences, and clean or industrial innovations. For institutional LPs seeking current vintage diversified Canadian innovation VC exposure.
• Outsourced Fund Management Mandates Legacy venture capital fund management mandates for Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ, representing over $650M in assets under management invested into over 40 partner funds with active investments in almost 300 underlying companies. Provided to institutional clients seeking outsourced VC fund management.

Quantifiable outcome

• Supports innovative Canadian enterprises through investment in VC funds covering entire financing chain from seed to growth

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Northleaf Capital Partners: Toronto-headquartered private equity and venture capital fund-of-funds and co-investment manager for institutional investors. Closest Canadian FoF comparable, with overlapping institutional LP base and similar fund-of-funds product structure.
• Kensington Capital Partners: Canadian VC fund-of-funds manager focused on innovation and technology investments. Directly comparable business model to Teralys as a Canadian-domiciled FoF serving institutional and government LPs.

Broad incumbents

• BDC Capital: Investment arm of the Business Development Bank of Canada; a federal development financier that invests directly and indirectly in VC funds across Canada. Operates as both an LP and direct investor in Teralys-backed funds, overlapping in mandate and target VCs.
• HarbourVest Partners: Global private equity and venture capital fund-of-funds manager. Comparable as an established, large-scale FoF manager with a multi-strategy primary, secondary, and co-invest platform serving institutional LPs.
• Adams Street Partners: Global private markets manager with primary fund-of-funds, secondary, co-invest, and direct capabilities. Comparable as a diversified PE/VC FoF manager with global LP relationships and a multi-vintage platform.
• Hamilton Lane: Global private markets investment firm with primary fund-of-funds, secondary, direct, and co-investment offerings. Directly comparable FoF business model at larger global scale.
• StepStone Group: Global private markets investment firm providing primary fund-of-funds, secondary, co-invest, and direct solutions to institutional clients. Closest publicly traded, scaled FoF peer with overlapping institutional LP base.

Emerging players

• Whitehorse Liquidity Partners: Specialist secondary fund-of-funds and GP-led solutions provider. Comparable as a private-markets intermediary deploying LP capital into underlying funds, though focused on the secondary segment rather than primary innovation FoF.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/teralys-capital
• Xx.com/TeralysCapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Teralys Capital