Vancouver venture capital fund Lions Capital Corp. has agreed to buy the fund management agreement for Pender NDI Life Sciences Fund from NDI Investment Management Inc. and Pender Fund Capital Management Ltd.
According to the deal, Lions Capital will acquire Pender NDI's $13 million of net assets under management and an annual equity allocation of $10 million under B.C.'s Small Business Venture Capital Act.
Overhead costs will be reduced through the merger of management at Pender NDI and B.C. Advantage Funds.
Following completion of the deal, Lions Capital will manage more than $70 million of assets.
Lions Capital is the fund manager of B.C. Advantage Funds and Lions Liquidity Investment Fund I LP.