# Manitoba First Fund

Manitoba First Fund is a Private Equity based in Winnipeg, Canada.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Winnipeg, Canada
- **Region:** North America
- **Address:** Winnipeg, MB, Canada
- **Assets under management:** $375M
- **Website:** manitobafirstfund.com

## Regulatory record

- **Reports private funds:** No

## About

The Manitoba First Fund (MFF) was created to facilitate access to capital for Manitoba businesses in order to further their development, growth and success. It is a partnership between the Province of Manitoba, the Business Council of Manitoba, and the Manitoba Technology Accelerator. The MFF does not invest directly in specific Manitoba companies; rather, it invests in venture capital and private equity funds that commit to investing in the Province of Manitoba.

## Sectors

- Private Equity
- Fund of Funds

## People

- Ken Ross — CEO
- Mike Pyle — Chair
- Ray Bouchard — Director
- Barb Gamey — Director
- Steve Kroft — Director

## Questions

### What is the mandate of Manitoba First Fund?

The Manitoba First Fund operates with a dual mandate: to generate commercial investment returns and to stimulate provincial economic development. It executes this by committing capital to private equity fund managers who establish a presence in Manitoba, hire local talent, or invest in Manitoba-based companies. This government-backed platform functions as a fund-of-funds rather than a direct investor.

### How does Manitoba First Fund differ from a standard provincial pension plan?

Unlike provincial pension plans such as AIMCo or bcIMC, which owe fiduciary duties solely to beneficiaries, Manitoba First Fund is explicitly an economic development tool. Its investment criteria require managers to demonstrate tangible benefits to the Manitoba economy. It is government-funded and policy-directed, not built on pooled worker contributions.

### Does Manitoba First Fund make direct company investments?

No. The fund is structured as a fund-of-funds, making commitments to external private equity general partners. It does not source, diligence, or execute direct equity investments in operating companies. Its influence on individual companies is indirect, flowing through the GPs it backs.

### How is Manitoba First Fund governed and capitalized?

The fund is capitalized and governed by the Government of Manitoba. Operational details, including its total allocation, governance board composition, and investment committee structure, are not widely disclosed in public records. The fund operates from Winnipeg and is administered through provincial government channels, with ultimate accountability to the provincial legislature.

## Related profiles

- [Manifold Ventures](https://altss.com/profile/manifold-ventures)
- [Maniv Mobility](https://altss.com/profile/maniv-mobility)

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Last updated: 2026-08-11T15:07:19.634Z

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