PFM Capital Inc. Announces $15M Capital Commitment from the Manitoba First Fund

August 17th, 2023

Regina, Saskatchewan and Winnipeg, Manitoba- It is with great excitement that PFM Capital Inc. (“PFM”) announces that APEX IV Investment Fund Limited Partnership (“APEX IV”) has secured a $15 million capital commitment from the Manitoba First Fund (“MFF”). MFF is a newly established $100 million investment fund that allocates capital to experienced fund managers who commit to bringing private capital to Manitoba-based businesses. This $15 million commitment from MFF will be matched directly by APEX IV, which is fully funded, and will provide over $30 million in capital to support and grow Manitoba businesses.

PFM Capital Inc. is a long-standing Saskatchewan-based Private Equity Fund Manager with an exceptional reputation for supporting its companies, partnering with great management teams, and investing in the prairies, including Manitoba. Along with its commitment of capital, PFM will establish its first physical office outside of Regina, SK in Winnipeg, staffed by locals. Ryan Klassen, a well-known supporter of business and entrepreneurs in Manitoba and senior corporate executive with over 25 years’ experience in business and technology leadership, will oversee the Manitoba operations. “Access to capital is a key foundation to support a growing economic sector in Manitoba. I’m excited to be part of the PFM team, combining my extensive local knowledge with their deep expertise in managing private capital for over 20 years.  Together, we will expand the capital ecosystem in the province,” he states.

“As we commit resources directly into the province, we expect that PFM will become a permanent fixture in the Manitoba private investing network, driving economic benefits well beyond the reaches of the capital deployed. We commend the MFF for the groundwork they’ve laid to help bolster a sustainable investment environment for the province,” says Rob Duguid, CEO of PFM.

Ken Ross, CEO of MFF states “on behalf of myself and the Board of MFF, we look forward to having an excellent organization like PFM in Manitoba and to working with PFM to make this venture a success for all Manitobans.” Ken also noted, “We’re pleased to have the second allocation of capital from MFF committed and be another step closer in accomplishing our objective of facilitating access to capital for the further development and growth of Manitoba businesses, creating opportunities for Manitoba’s communities and economy.”

About the Manitoba First Fund

Manitoba First Fund (“MFF”) is a $100 million, provincially funded venture capital organization that was formed in 2023. MFF was established as a fund of funds to partner with existing investment fund managers that commit to investing in Manitoba and bringing additional capital to the market.

About PFM Capital Inc.

PFM Capital Inc. is Saskatchewan’s largest private equity investment firm with over $850 million in assets under management across several funds. Based in Regina, Saskatchewan, PFM’s niche focus allows investors to benefit from Western Canada’s economic strengths by taking advantage of the firm’s established contact network and long-term track record. PFM is employee-owned and has been managing private equity and venture capital funds since 1993. For more information, please visit


Manitoba First Fund
Ken Ross
Chief Executive Officer

PFM Capital Inc.
Johanna Salloum, CFA
Partner, Senior Director of Investments

              PFM Logo


    Sign-up for Our Insight Updates

    Through its affiliation with the fund managers PFM Fund Operations, PFM Venture Capital, Prairie Ventures GP, TopSoil Farm Land Management, and TopSoil Farm Land Management (II), and doing business as PFM Capital ("PFM Capital" or "PFM"), PFM is a leading private equity investment firm in Saskatchewan. Founded in 1989 as a corporate finance company, PFM has been managing private equity and venture capital funds since 1993. This website does not represent an offering of securities. The information disclosed is incomplete and can be qualified in its entirety by each fund's most recent offering document or limited partnership agreement, obtainable free of charge by contacting PFM Capital Inc. The securities described herein are only available to eligible investors in Canada in accordance with applicable securities laws. Privacy Policies

    Disclaimer | Privacy Policies