About Teralys Capital

Teralys Capital is a Quebec-based fund-of-funds manager with approximately $2.5-3 billion CAD in assets under management. The firm operates multiple vintage funds spanning 2014, 2018, and 2023, investing across both direct and co-investment strategies.

With an 11-person operating team, Teralys has built a reputation for supporting the Canadian venture ecosystem while maintaining relationships with a sophisticated LP base that includes institutional investors, family offices, and pension funds. The firm manages fund-of-funds programs that require coordination across numerous underlying GP relationships.

Under the leadership of Co-Founder and Managing Partner Eric Legault, Teralys is positioning itself for the next phase of growth—one that requires operational infrastructure capable of scaling without proportional headcount increases.

Opportunity

As Teralys' LP base expanded and the firm took on management of additional fund vintages, the limitations of their manual processes became increasingly apparent. The entire team of 11 people was spending significant time managing LP communications through email—a system that couldn't scale.

"Managing everything through email just isn't sustainable. As our sponsor base grows, we need something more professional and reliable.”

Julie Prévost Finance Partner, Teralys Capital

Beyond volume, security concerns mounted. Quebec's Law 25 for personal data protection meant that email-based document distribution was becoming a compliance risk. Multi-factor authentication created bottlenecks where a single person became responsible for fetching documents across multiple platforms.

"When document access depends on a single person, it creates real operational friction. We needed a better approach.”

Julie Prévost Finance Partner, Teralys Capital

Previous technology investments hadn't delivered. Legacy systems like E-Front had become, as Eric described it, as a weight that prevented the firm from professionalizing their international fundraising capabilities. The timing was right for a comprehensive solution.

Solution

Teralys evaluated Vessel with a focus on both immediate operational needs and long-term strategic vision. What resonated immediately was Vessel's philosophy of unified experiences and domain expertise—particularly Vessel’s CEO Thomas Terrats's prior experience working with Teralys on the LP side.

The firm opted for a phased implementation starting with three funds: TCIF 2014, TCIF 2018, and TCIF 2023. This approach allowed them to prove value quickly while laying groundwork for future automation.

Vessel's passwordless authentication model directly addressed one of Teralys's most persistent pain points. No more managing credentials across multiple platforms or creating bottlenecks with multi-factor authentication.

"The fact that there's no password management to worry about was a game-changer. It removes a constant headache for small teams.”

Julie Prévost Finance Partner, Teralys Capital

Implementation moved quickly—from initial conversations in November 2025 to live platform walkthroughs in January 2026. The Vessel team worked closely with Teralys to standardize LP data across funds, configure custom metrics displays, and establish document categorization workflows.

Mid-Story Quote

We want to automate, simplify, and stop doing things the hard way.”

Eric Legault Co-Founder and Managing Partner, Teralys Capital

Results

Eliminated Email-Based Distribution Teralys transitioned from sending all LP communications via email to a centralized portal. LPs now access capital calls, distributions, tax documents, and financial statements through a secure, branded experience—eliminating phishing risks and compliance concerns.

Resolved Authentication Bottlenecks The passwordless system freed the operations team from managing credentials and multi-factor authentication across multiple platforms. Any team member can now support LP inquiries without waiting for the "one person" who held the passwords.

Unified Multi-Fund LP Experience LPs invested across multiple Teralys vintages now have a single login that provides access to all their investments. The firm can manage permissions centrally while LPs see exactly what's relevant to them.

Compliance-Ready Infrastructure With SOC-II Type 2 compliance and secure document hosting, Teralys addressed Quebec Law 25 requirements for personal data protection. Sensitive documents no longer travel via email attachments.

Foundation for Future Automation The platform positions Teralys for the AI-powered portfolio reporting automation they envision. As Eric noted, the ability to automatically extract and consolidate data from GP reports could transform their quarterly review process from days of manual work to a 24-hour automated output.

Impact

For Teralys Capital, implementing Vessel is about more than solving today's operational challenges—it's about building infrastructure for the firm's next 15 years.

The platform breaks this pattern by enabling growth without proportional headcount increases. Operations that previously required the entire 11-person team to manage email flows can now be handled through automated workflows and self-service LP access.

Looking ahead, Teralys is positioned to expand their use of Vessel's capabilities. The Portfolio KPI automation feature—which can extract and consolidate data from underlying GP reports—directly addresses Eric's vision for operational efficiency. The firm is also exploring how the platform can support their international fundraising efforts, providing the institutionalized experience that global LPs expect while maintaining Teralys's authentic, relationship-driven approach.

For a firm committed to building the Canadian venture ecosystem, having modern operational infrastructure now matches the ambition of their investment mandate.