PE Hub Network – Luge Capital has launched to invest in early-stage fintech companies with the backing of one of Canada’s largest institutions and the support of one of its top venture firms.

Luge today said it raised an initial $75 million for its inaugural fund. It plans to secure the rest of the $100 million target over the next few months.

The fund raised capital commitments from five limited partners: Caisse de dépôt et placement du QuébecDesjardins GroupSun Life FinancialFonds de Solidarité FTQ and La Capitale.

Luge was founded by General Partners David Nault and Karim Gillani. The idea behind the firm originally came from the Caisse, Canada’s second largest pension system, which wants to see Canada “up its game in the global fintech sector,” Nault told PE Hub Canada.

The Caisse and Desjardins, a financial cooperative, got things rolling last October by seeding the Luge fund with $50 million.

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