H1 - 2019 - Canadian VC & PE Market Overview
H1 - 2019

Canadian VC & PE Market Overview

Venture Capital Highlights & Key Findings

A record CAD $1.28B was invested over 143 deals in the second quarter this year, bringing the total dollars invested in the first half of 2019 to CAD $2.15B; surpassing the previous highest quarter in Q42018 (CAD $1.25B) and previous highest first half in H12018 (CAD $1.67B).

There were 11 mega-deals ($50M+) in the first half of 2019, which accounted for a 42% share of total VC dollars invested. Of these 11, Four were over CAD $100M and included Hamilton-based Fusion Pharmaceutical Inc.’s CAD $140M series B financing from a syndicate that included CVCA members Fight Against Cancer Innovation Trust (FACIT) and Genesys Capital Management Inc.

  • A record $1.28B was invested over 143 deals in the second quarter this year, the highest amount since 2013 and marginally higher than the previous high-water mark of $1.25B invested in Q4 2018
  • The average deal size was $9M, a 22% increase from Q2 last year and a 26% increase compared to the average deal size during the 5‑year period between 2014 – 2018 ($5.9M)
  • There were 18 deals between $20M-$50M totalling $566M or a quarter of total VC dollars invested and 43 deals between $5M-$20M totalled $449M, just over one-fifth share

Private Equity Highlights & Key Findings

CAD $3B was invested over 158 deals in the second quarter, 54% higher than the first quarter of 2019. This brings the total PE investment in the first half of the year to CAD $4.89B, the lowest dollars invested in a first half since the CVCA began collecting data in 2013. Deal activity in H12019 (289 deals) was lower than H12018 (324 deals) and H12017 (292 deals)

There are at least two pending major deals, including the CAD $5B privatization by Onex Corporation of Calgary-based WestJet Airlines Ltd. and Brookfield Asset Management’s pending CAD $1B sale of Ontario-based BGIS to CCMP Capital Advisors which are expected to positively change the trajectory of PE investment performance this year.

  • $3B was invested over 158 deals in the second quarter of 2019, 54% higher than the amount invested in the previous quarter but 63% lower than the same quarter from last year
  • The average YTD deal size ($18.8M) was less than half the average deal size in the previous 3‑year period between 2016 – 2018 ($35.4M)
  • With the exception of a single $1.4B mega-deal all other deals with disclosed values were below $500M with 66% (192 out of 289) of them under $25M
H1 - 2019 - Canadian VC & PE Market Overview

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