CPE Analytics/Canadian Financings is proud to release Canada’s first ever comprehensive report of Canadian investment fund fundraising report.
Canadian investment funds report $213B fundraising in 2023
- Equity funds, Ontario based funds, City of Toronto based funds, and Ontario investors led 2023 investment fund fundraising
- BlackRock Asset Management Canada led $1 billion+ mega fundraising with 7 funds for $33.8 billion
TORONTO, February 21, 2024 – 2,869 Canadian investment funds completed 3,169 closings and raised $213.05 billion in 2023, according to Canada’s first ever comprehensive investment fund fundraising report released today by CPE Analytics.
Mega fund fundraising drives activities
Of the 2,869 investment funds, 411 funds (14%) raising $500 million or more, raised $174.22 billion in aggregate, accounting for 82% of the total amount of fundraising.
Of the 411 funds, 31 funds (1%) with $1 billion or more fundraising, raised a combined of $73.84 billion, representing 35% of the total amount of fundraising.
Approximately 21% of the number of funds with $1 million or less fundraising, raised $194 million in total.
Equity funds lead fundraising and money market funds lead in per fundraising size
1,280 equity funds raised $83.55 billion, leading all other types of funds with an average of $65 million per fund or $62 million per closing.
57 money market funds raised $22.58 billion in combined, leading all funds in average fundraising per fund with $396 million or $337 million per closing.
| Fund Type | # Funds | # Closings | $ Millions |
| Alternative Strategies Funds | 357 | 478 | 10,519 |
| Balanced Funds | 345 | 361 | 23,166 |
| Equity Funds | 1,280 | 1,352 | 83,546 |
| Fixed Income Funds | 604 | 643 | 65,459 |
| Money Market Funds | 57 | 67 | 22,582 |
| Real Estate/Mortgage Funds | 37 | 44 | 1,965 |
| Other Funds | 189 | 224 | 5,815 |
| TOTAL | 2,869 | 3,169 | 213,053 |
Ontario and City of Toronto based funds lead fundraising
1,893 Ontario based funds in aggregate raised $154.99 billion in total fundraising. Quebec based funds ranked in a distant second with $36.35 billion followed by Manitoba, BC and Alberta based funds which raised $8.08 billion, $7.53 billion, and $1.92 billion respectively.
1,658 City of Toronto based funds raised $149.8 billion, leading 453 Montreal based funds which raised $35.66 billion. Funds based in Winnipeg, Vancouver, Regina, Richmond Hill (Ontario), Calgary and Mississauga (Ontario) rounded up the top cities with $1 billion or more in fundraising.
Ontario investors lead investments
Although a few of the fund managers continued to raise negligible amount of money from US and international investors, most of money came from Canadian investors.
Investors from Ontario invested $129.19 billion which accounted for 61% of the total fundraising. Investors from Quebec, Alberta, and Manitoba invested $44.73 billion, $15.20 billon, and $11.18 billion respectively.
BlackRock Canada leads mega ($1 billion+) fundraising
31 funds, which raised $1 billion or more, raised a combined $73.84 billion in 2023. Of the 31 funds, 7 Equity Funds raised $31.28 billion, 11 Fixed Income Funds raised $19.18 billion, 7 Money Market Funds raised $13.69 billion, and 6 Balanced Funds raised $9.69 billion.
Investment fund manager, BlackRock Asset Management Canada Limited, led mega ($1 billion and more) fundraising with 7 funds, raising $33.8 billion in 2023.
SLGI Asset Management Inc. (Sun Life) led with 9 funds for $13.95 billion.
| Investment Fund Manager | # Fund(s) | $ Millions |
| BlackRock Asset Management Canada Limited | 7 | 33,798 |
| SLGI Asset Management Inc. (Sun Life) | 9 | 13,947 |
| Fiera Capital Corporation | 2 | 4,293 |
| CI Investments Inc. | 3 | 3,452 |
| Jarislowsky, Fraser Limited | 2 | 3,224 |
| Desjardins Global Asset Management Inc. | 1 | 2,624 |
| NT Global Advisors, Inc. | 1 | 2,576 |
| CIBC Mellon Trust Company | 1 | 2,567 |
| TD Asset Management Inc. | 2 | 2,445 |
| Canso Fund Management Ltd. | 1 | 1,735 |
| I.G. Investment Management, Ltd. | 1 | 1,624 |
| RBC Global Asset Management Inc. | 1 | 1,557 |
| TOTAL ($1B+ Fundraising) | 31 | 73,841 |
The 2023 investment fund fundraising report and other reports
Methodology
Data is compiled, verified and corrected, from filings by investment funds with BCSC, OSC, AMF, SEDAR, SEDAR+.
Canadian Financings
Canadian Financings, a service of CPE Analytics, is Canada’s only all financings database covering private (VC, PE, private exempt and non-exempt) and public financings by both Canadian and foreign firms, both debt and equity, IPOs, M&As, fundraisings by both Canadian and foreign, professional VC/PE firms, non-investment fund issuer funds, and investment funds. https://financings.ca
CPE Analytics
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