CPE Analytics
US VC and US corporate VC propel Q2 2023 Canadian VC recovery
Canadian VC recovered in Q2 to report $3.25B in total disbursements for first half of 2023. US VC and US corporate VC propelled recovery with $1.06B invested, representing almost 1/3 of the total funding
2023 1st Half IPOs – 2023 projects to be the worst IPO year since 2016
Based on annualized results from first half results (34 IPOs for $172M), 2023 would be on its way to raise $344M AND become the worst IPO year in term of total amount raised, representing less than 50% of the $799M raised in previous worst IPO year in 2016.
The performance of Canadian issuers went public via SPAC/QA
Canadian companies, The Lion Electric Company, Li-Cycle Holdings Corp, TMC the metals Co Inc., D-Wave Quantum, Inc., Hammerhead Energy Inc., that went public on NASDAQ and NYSE by way of SPAC qualifying acquisition (QA) performed poorly
Governments life support cliff falling Q1, 2023 Canadian VC
Q1 2023 Canadian VC disbursements barely passed $1B with life support from governments and strong fundraising by Quebec companies. $146M raised by VC firms is of concern.
2022, 2nd best VC year at $9.4B
Though down substantially from Canada's best VC year 2021, 2022 managed to hold its place as the second best year since 2017. US and international invested $5.94B accounting for 63% of total disbursements.
Does LIFE make life easier for public company fundraising?
Canadian listed companies raised $121M in Q1 2023 by way of Listed Issuer Financing Exemption (LIFE), averaging $79K, far behind $579K per investor by accredited investor exemption.
Q1 2023 – 21 Canadian IPOs raise $172.8M – Updated
21 Canadian IPOs completed on CSE, TSX-V, TSX and NASDAQ in Q1 2023. Lithium Royalty's $150M TSX IPO accounted for 87% of amount. CSE's 8 IPOs accounted for 80% of non-CPC IPOs. Lucy Scientific Discovery'S US $5.8M NASDAQ IPO was sole Canadian IPO on foreign exchange
BlackRock Canada leading $1B+ fundraising investment fund manager
BlackRock Asset Management Canada led all investment fund managers in $1B+ fundraising funds in 2022, following by Fiera Capital, TD Asset Management, CI Investments, RBC Global Asset Management, I.G. Investment Management, BNY Mellon Asset Management Canada, 1832 Asset Management, Canada Life Investment Management, NT Global Advisors, Mercer Global Investments Canada
2022 Investment Fund Fundraising Summary Report
2,415 investment funds raised $175B in 2022 with Ontario and Toronto based funds leading with $112B and $107B respectively. Ontario investor led all other jurisdiction investors, investing $89B in 2022.
DOTW (Profile) – DFC Cash Management Fund
NT Global Advisors managed DFC Cash Management Fund, a Diversified Fund of Canada family fund, became the first investment fund to report over $1 billion in fundraising in 2022
Crypto and SPAC investment funds experience substantial drop in 2022 fundraising
Canadian Financings - Crypto and SPAC focused investment funds experienced substantial drop in fundraising in 2022 from 2021.
Starboard Value LP to invest US $500M in Ritchie Bros.
Starboard Value LP to invest US $500M in Ritchie Bros. Auctioneers Incorporated. Starboard CEO Jeffrey Smith will join Ritchie Bros. board of directors following approvals by Ritchie Bros. shareholders and closing of pending acquisition of IAA, Inc.
DOTW (Profile) – Canso Corporate Value Fund
Canso Corporate Value Fund, one of $1 billion+ fundraising investment funds in 2021, reported 2022 fundraising of $763 million, down 43% from $1.33 billion in 2021.
DOTW (Profile) – Canoe Global Private Equity Fund
Canoe Financial LP's Canoe Global Private Equity Fund, managed by Fiera Comox Partners, raised $122M since inception.
CSE and Mining lead 2022 Canadian IPO
5 mining IPOs on Canadian Securities Exchange (CSE) prevented total collapse of Canadian IPO market in Q4 2022. 2022: CSE led with 26 IPOs or 62% of non-CPC/SPAC IPOs; 31 mining IPOs accounted for 74% of non-CPC/SPAC IPOs.
DOTW – Bain Capital Asia Fund V initial close
Bain Capital held initial (or final) close for its fifth Asia focused buyout fund. Canadian investors, including British Columbia Investment Management Corporation (BCI) and CPP Investments, committed US $377M as part of the close. Stikeman Elliott LLP acted as Canadian legal counsel to Bain Capital.
US and international investors to propel 2022 to be 2nd best VC year
Q4 2022 Canadian VC is poised to easily reach $2.2B mark, primarily driven by investments from US and international investors. As of 2022 year-end, $2.18B was tallied for Q4 and $8.19B for year 2022. (preliminary)
DOTW – Canadian pension funds’ $1B investment in BMO
CDPQ, OMERS, AIMCo, HOOPP, PSP Investments, CPP Investments received $35M in commitment fees in connection with their $1B equity investment in Bank of Montreal (TSX/NYSE: BMO). BMO Nesbitt Burns/BMO Capital Markets and Osler, Hoskin & Harcourt LLP acted as financial and legal advisors to BMO.
