Corporate Financing Week, Monday, October 26th, 1998.

J.L. Albright Venture Partners, a Toronto-based company that invests in small-to mid-sized Internet and software companies, is planning to raise a new venture capital fund for about C$250 million (US$162.50 million) soon after it closes its second fund. John Albright, founder of the two year-old company, said the firm is close to closing its second fund, which totals about C$60 million (US$39 million). J.L. Albright Venture Partners’ first fund has a total of C$25 million (US$16.25 million).

The firm will raise the third fund within the next year or so, Albright said. J.L. Albright will tap Canadian pension funds and investment banks to raise the capital, he said. Albright said the firm has not determined the minimum investment. The firm usually invests between C$2-5 million (US$1.3-3.25 million) per deal and exits through an initial public offering or a sale of the enterprise.

Separately, the firm recently made a $2.5 million investment in Balisoft Technologies, a Toronto-based Internet company which recently developed a customer service product for on-line users, Balisoft, an IPO candidate, has launched a product called LiveContact, which is designed to provide communication between companies and their customers, Albright said.