Canadian Private Equity
18/06/2008. The last two years have been remarkable years for private equity in Canada. Paralleling the US and Europe, Canadian private equity has seen record buy-out activity; however, the recent tightening of financial markets has dampened private equity’s party, according to this perceptions study by law firm Blakes in association with mergermarket.

Why buy-out investments are good for Canada
04/06/2008. Canada has a relatively nascent but fast-growing domestic private equity industry, with $66bn raised since inception up to 2006. Buy-out investors add substantial value to companies through strong governance, a results-oriented mindset that challenges conventional thinking, and a long-term perspective that builds sustainable value. Stronger Canadian companies translate into a stronger and more productive Canadian economy, says Canada’s Venture Capital and Private Equity Association (CVCA).

Private equity buy-outs remain solid in first quarter
28/05/2008. CVCA - Canada’s Venture Capital and Private Equity Association, together with research partner Thomson Reuters, has released the first quarter of 2008 investment statistics for the private equity buy-out sector in Canada. A total of 29 transactions were completed during the quarter, with nine of these disclosing their transaction values. The nine disclosed investments totaled $2.4bn.

Buy-outs continue to set new records in Q2 2007
24/10/2007. Investment by private equity buyout firms into Canadian companies continued its record setting pace during the second quarter of 2007, according to the industry’s quarterly statistical report released today by the CVCA and research partner Thomson Financial. A total of 52 transactions were announced during the quarter with a total value of approximately $55.6 billion, led by the record breaking $47.2 billion Bell Canada buyout. This is up dramatically from the 44 transactions recorded during the first quarter with a total value of $5.4 billion.

Québec's venture capital results for Q1 2007
15/08/2007. Réseau Capital finds that in the first three months of 2007, venture capital activity in Québec rose significantly, as $175m was invested in total, or 51 per cent more than the $116m invested at the same time last year. The number of Québec-based companies financed with VC was largely unchanged on a year-over-year basis: 55 firms in Q1 2007 versus 57 firms in Q1 2006.

Canadian venture investment grows during 2007's first quarter
23/05/2007. Venture capital investment across Canada in the first quarter of 2007 showed very strong growth on a year-over-year as well as a quarter-over quarter basis, totaling $598m, according to a quarterly statistical report released by the CVCA and Thomson Financial.

Canadian private equity in 2006
02/05/2007. Dramatic growth in the Canadian buy-out market led to record levels of private equity investment in 2006, according to Canada’s Venture Capital and Private Equity Association and Thomson Financial. The total value of disclosed investments into Canadian companies made by buy-out funds during the year amounted to US $10.9bn, more than double the US $4.5bn reported in 2005. Meanwhile, venture investment across Canada in 2006 amounted to $1.69bn, matching the total of $1.68bn invested in 2005.

Canadian venture capital investment falls in Q3 2006
07/03/2007. Venture capital investment in emerging Canadian technology companies continued to decline in Q3 2006 to $331m, a drop of 32 per cent from the $489m invested in Q2 2006, according to Canada’s Venture Capital and Private Equity Association and their research partner Thomson Financial.

Private Equity Canada 2005
14/06/2006. This is the fifth installment of the Private Equity Canada series produced by Goodman and Carr providing a perspective on key trends shaping the Canadian private equity market.

Canadian pension funds: new freedom to address a familiar problem
26/10/2005. Strong asset growth over the past year has helped raise the average funding ratio of Canada’s pension plans. However, under-funding remains the most pressing problem facing Canadian pension fund LPs, according to new research from Greenwich Associates.

US leveraged buyouts of Canadian targets: Effective structuring isn't just for billion-dollar deals
21/09/2005. Non-Canadian residents have acquired Canadian corporations by incorporating a Canadian acquisition corporation (CanAcquireco) in a Canadian jurisdiction and funding it by way of interest-bearing debt and equity on a 2:1 basis to comply with Canadian thin capital rules, say Corrado Cardarelli and Stephen Donovan from Torys LLP.

2004 Review of venture capital investment activity in Canada
01/06/2005. Capital invested by Canada’s venture capital industry increased slightly in 2004 however, funds raised by the industry declined in 2004 according to the industry’s annual statistics report of 150 venture capital investment firms released today by the CVCA and research partner Macdonald & Associates.

Why biotech VCs are looking North: the Canadian biotech market
09/02/2005. The CCTO look at why Canada is the second largest biotech community in the world after the US with 470 public and private companies operating in the sector, focusing on the range of foreign VC investments being made in the country.

CVCA Enterprise Q3 04
16/09/2004. A total of $375m was invested in the Canadian private equity industry in the second quarter of 2004, up by 48 per cent from the $254m invested in the same period last year. But the total amount invested was down by eight per cent when compared to the first three months of the year, according to the Canadian Venture Capital and Private Equity Association.

Recommended valuation principles and guidelines
14/05/2004. The Canadian Venture Capital Association has recommended that its members adopt and apply the majority of the European Venture Capital Association's valuation principles and guidelines. But the organisation has also recommended a series of modifications.

Canada's private equity industry in 2003: An overview
02/03/2004. Investment activity in Canada's private equity industry continued to decline in 2003 with investments totalling $1.5bn, down by a substantial 41 per cent from $2.5bn in 2003, according to the Canadian Venture Capital Association and Macdonald & Associates.

The state of private equity investing in Canada: Is the outlook improving?
10/02/2004. Like its US counterpart, the Canadian private equity industry has experienced a difficult couple of years. But, as 2004 begins, there is cautious optimism that brighter days are ahead, according to Heather Stone of Testa, Hurwitz & Thibeault.

Overview of VC activity
05/09/2003. Canadian venture capital investment levels declined steadily throughout 2001 and 2002. But the fall was significantly less pronounced than it was for the US venture capital industry, according to this presentation by Macdonald & Associates.

Venture capital and life sciences in Canada: A sniffle or a cold
07/08/2003. The amount of venture capital invested in Canadian life sciences companies fell for the third consecutive year in 2002, according to a report by Macdonald & Associates. But the life science sector's share of venture capital investment as a whole increased marginally from 17 per cent in 2001 to 19 per cent last year.

The extent of venture capital exits: evidence from Canada and the US
16/04/2003. How often do private equity firms make partial rather than full exits? What are the circumstances under which they make partial exits? And how do Canadian exits fare by comparison to their US counterparts? Douglas J Cumming of the University of Alberta and Jeffrey G MacIntosh of University of Toronto examine.

Canada's venture capital industry in 2002: summary observations
19/03/2003. The last months of 2002 proved more active for Canada's venture capital industry compared to the first thre quarters, according to Macdonald & Associates. Even so, the amount invested in Canadian companies by private equity firms slipped to C$2.5bn in 2002, down 35 per cent from the C$3.8bn invested in 2001.

Canada's venture capital industry in Q3, 2002: an overview
18/02/2003. Following a major contraction in the second quarter, the Canadian venture capital industry experienced an increase in activity in the third quarter of 2002. Canadian venture capitalists invested C$475m in Q3, up seven per cent on the C$445m invested in Q2.

Crowding out private equity: Canadian evidence
07/01/2003. Canada's aggregate pool of venture capital has actually been reduced rather than increased by the introduction of the Labour Sponsored Venture Capital Corporation (LSVCC), say Douglas Cumming of the University of Alberta and Jeffrey MacIntosh of the University of Toronto in this study of the Canadian venture capital industry.

Risk capital - the venture capital market
16/10/2002. Venture capital has grown in popularity in Canada although it still remains firmly in the shadows of its neighbour, the US. However, this has also worked to its benefit, as the massive downturn felt by the US has not hit Canada so hard. This article by Strategis discusses the growth of the industry in Canada compared to the US

Canadian M&A activity in the 12 month period to July 2002
01/10/2002. The 12 months to July 2002 saw a considerable slowdown in M&A activity in Canada. Trends for the region tend to follow those shown on a global scale with telecommunications, the media and technology suffering the most. This survey from Dealogic examines the year for the Canadian M&A market and highlights the areas that are continuing to drive the market at this difficult time.

Canada's venture capital industry in Q2 2002: an overview
01/10/2002. The Canadian venture capital industry invested just CAN$416m in the second quarter of 2002, 69 per cent down on the same period in 2001. It is the first major contraction of Canadian venture investment since the bursting of the TMT bubble in 2000, according to Macdonald & Associates.

Overview of the venture capital markets in Canada and the US
24/09/2002. Although geographically Canada and the US could not be closer, their venture capital markets are fundamentally different. Industry Canada gives an overview of the Canadian and US venture capital markets and provides analyses of the trends in the two markets and the differences in their structure and performance.

Structure of the venture capital market
10/09/2002. The Canadian venture capital landscape has historically been populated by labour-sponsored venture capital corporations that raise funds from small investors through the provision of government tax incentives. However, to survive the current economic climate, the industry must follow the US and begin to court the larger institutions, says the Small Business Policy Branch at Industry Canada.

Canadian VC confidence survey
03/07/2002. Canadian venture capitalists are beginning to appear a little more upbeat about the future of the industry. The Canadian Venture Capital Association and Deloitte & Touche discover that investors are showing a renewed optimism in a struggling asset class.

Canada's venture capital industry in Q1 2002
24/06/2002. With forecasts of a more robust economy on the horizon, Canada's venture capital industry nonetheless began 2002 on a cautious footing. In the first quarter, the industry invested $785m to 187 Canadian companies, down 14 per cent from the $907m disbursed in Q1 2001, according to figures from Macdonald Associates.

Strategies in global venture capital for the 2002 recovery
11/03/2002. Now that the technology hype has died down, the opportunities for the next generation of venture capital fund managers is genuinely exciting. In his annual presentation to Canada's McGill University, Jim de Wilde, previously a professor at the University of Ontario, explores the opportunities available, with a particular emphasis on the Canadian market.

Canada's venture capital is really shelter capital
06/03/2002. The Canadian government has taken a number of steps that will encourage investors to commit to the country's venture capital funds. But, as Mark Schwartz of Piper Marbury Rudnick & Wolfe LLP argues, recent tax reforms have not gone far enough.

O Canada - US start-ups look north for funding.
28/02/2002. While US venture capitalists have been scaling back their investments, VCs from a little further north have been assessing the opportunities. Less exposed to needy technology companies, Canadian venture capitalists are finding some bargains south of the border that have been ignored by their US counterparts, says Lawrence Aragon of Red Herring.

Canadian budget 2001
01/02/2002. The latest federal budget, in Canada made changes to its rules on limited partnerships and amended the Income Tax Act to encourage more venture capital financing from domestic and foreign investors.

Cautious optimism from Canadian venture capitalists
28/01/2002. Venture capital investments may have been down in the third quarter relative to the same period of 2000, but Canadian VCs are cautiously positive, says this survey from Deloitte & Touche and the Canadian Venture Capital Association.

Canada's private equity market in 2001
22/01/2002. Canada's private equity industry is worth approximately C$36bn, according to a survey commissioned by Goodman & Carr and conducted by Macdonald & Associates. The industry has undergone a steady growth since its infancy in the 1980s, but it is still dwarfed by its neighbour, the US, whose industry is worth close to US$1,000bn.

Canada's VC industry in 2001
15/01/2002. Several factors caused venture capital activity in Canada to slow in the first nine months of 2001. Here Macdonald & Associates analyses VC investment activity up to Q3 and the state of the industry following 11 September.

Institutional investors seek alternatives to plain-vanilla bonds and equities
23/10/2001. Alternative investments are becoming more common in Canada and thw outlook is promising, according to Scot Blythe of advisor.ca. However, much needs to be done for the sector to develop to its full potential.

Canadian private equity market growing, but unlikely to reach U.S. levels
17/10/2001. The Canadian private equity market is growing with investment now emerging from pension funds and insurance companies. Scot Blythe from advisor.ca considers the opportunities available in Canada and the extent to which the market will need to develop if it is to catch up with the US.

Private equity overview 1999
29/05/2001. The Canadian venture capital industry grew healthily in 1999, according to figures released by the Canadian Venture Capital Association. After a remarkable year, the signs are that Canada is becoming an increasingly sophisticated VC market.

Venture capital - quarterly updates 2000
29/05/2001. Canadian venture capital set new records in 2000. The total amount of capital invested neared the $5bn mark by the end of the third quarter. Despite strong growth, statistics show that Canada continues to lag behind its southern rival – the US.

Tax in Canada
29/05/2001. Capital gains tax can have a serious impact on investment returns and subsequently affects where institutions invest their capital. The Canadian Venture Capital Association believes that budget proposals concerning capital gains, outlined in February 2000, do not go far enough to foster a competitive business environment.

Tax and legal changes affecting private equity
29/05/2001. The year 2000 was another record year for Canadian private equity says Smith Lyons LLP. And, with tax and legal changes on the horizon, 2001 looks set to be even better.

Private equity overview 2000
29/05/2001. Canada's venture capital industry shattered all records in 2000. Over $6bn was invested, reflecting a 132 per cent increase on 1999. This report is a summary of the key trends for the year, by Macdonald & Associates for the Canadian Venture Capital Association

Private equity statistical review 2000
29/05/2001. Canada's venture capital industry had a milestone year in 2000 with $6.3bn invested, according to figures released in March 2001 by the CVCA.

Private equity statistical review 1999
29/05/2001. Private equity in Canada continued to flourish in 1999, with early-stage activity showing strong growth. Capital invested reached a record high, particularly in follow-on investments according to this review by Macdonald & Associates and the CVCA.