VC & PE Canadian Market Overview – YTD Q3 2016

VC & PE CANADIAN MARKET OVERVIEW // YTD Q3 2016

VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 2

CONTENTS FOREWORD .................................................................................................................3

VENTURE CAPITAL CANADIAN MARKET OVERVIEW ...............................4 VENTURE CAPITAL HIGHLIGHTS ............................................................................................................... 5

VENTURE CAPITAL HEAT MAP ..................................................................................................................... 6

QUARTER-OVER-QUARTER VC INVESTMENT ACTIVITY ......................................................... 7

TOP CANADIAN PROVINCES FOR VC INVESTMENTS ............................................................... 8

VC SECTOR BREAKDOWN .................................................................................................................................9

TOP VC SECTORS ........................................................................................................................................... 10, 11

TOP 10 DISCLOSED CANADIAN VC DEALS ....................................................................................... 12

TOP DISCLOSED VC EXITS ............................................................................................................................. 13

MOST ACTIVE FIRMS .......................................................................................................................................... 14

MOST ACTIVE PENSION, RETAIL, CORPORATE & OTHER PUBLIC FUNDS ............. 15

MOST ACTIVE GOVERNMENT FUNDS ................................................................................................. 16

PRIVATE EQUITY CANADIAN MARKET OVERVIEW ................................. 17 PRIVATE EQUITY HIGHLIGHTS ................................................................................................................... 18

PRIVATE EQUITY HEAT MAP ......................................................................................................................... 19

QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY ...................................................... 20

TOP CANADIAN PROVINCES FOR PE INVESTMENTS.............................................................. 21

PE SECTOR BREAKDOWN ............................................................................................................................. 22

OIL & GAS, POWER AS TOP PE SECTOR .............................................................................................. 23

TOP 10 DISCLOSED PE DEALS .................................................................................................................... 24

TOP 3 DISCLOSED PE EXITS ......................................................................................................................... 25

MOST ACTIVE PE FIRMS ................................................................................................................................. 26

CVCA METHODOLOGY ........................................................................................ 27

AUTHORS, ABOUT CVCA AND CONTACT INFO ....................................... 28


FOREWORD

2016 has been a year of highs and lows for Canada’s VC and PE industries. With one quarter to go, things are hot on the VC side, with $2.1B in investments recorded in the first three quarters of 2016. This is just 9% shy of the total invested in 2015 and there’s every indication that 2016 VC investment will surpass last year’s numbers.

With more than 111 deals in Q3 valued at $605M in total, VC investment increased 8% over the quarterly average of $562M since 2013. Average deal sizes in several sectors reached high-water marks since 2013. ICT average deal sizes increased 24% to $5.6M, life sciences went up 17% to $6.9M and agribusiness soared 260% to $7.6M. In fact, VC investment in agribusiness has been on the upswing since 2013, growing from $14M to $27M in 2014, $42M in 2015 and $153M in the first three quarters of 2016.

Ontario and Quebec continue to lead all other provinces in terms of dollars invested. More notable were the spikes in the average deal sizes: up 44% in Ontario (to $7.5M) and 46% in Quebec (to $5.7M).

“The higher average deal size we’re seeing for VC investment demonstrates continued confidence in Canadian entrepreneurs,” says Mike Woollatt, chief executive officer, CVCA. “Canadian VC is on a much needed upswing.”

However, on the PE side, the high relative valuations in the current environment have contributed to a fairly slow first three quarters of 2016. Just $9B was invested over 271 deals, down 55% from the same time last year when $20B was invested over 311 deals. Quebec was a contrarian bright spot with much of the investment activity supported by local investors; 5 of the top 10 PE investors were Quebec-based, investing a total of $1.6B over 169 deals in the first three quarters of 2016.

Ontario captured 42% of the PE dollars invested with $3.8B over 60 deals. Quebec was second in dollars invested, capturing 25% with $2.3B invested and first in deals with over 140 transactions. Oil and gas captured almost a third of all YTD PE investments ($2.8B, 26 deals) but still remains well off the pace in activity. ICT was close behind at 25% ($2.3B, 41 deals), followed by cleantech at 21% ($1.9B, 19 deals).

Tough market conditions continue to hamper exits; there was only $3.5B in exits YTD 2016 compared to $11B last year.

“PE remains in a bit of a holding pattern, particularly in its leading category of oil and gas,” Woollatt says. “It’s looking like 2016 will end up more like 2013 than the huge levels we saw in 2014 and 2015.”

CVCA Q3 2016 Results: VC continues upward trend, PE remains in holding pattern

AT $716M, 2016’S TOP 10 VC DEALS TO DATE RUN 29% HIGHER THAN TOP 10 DEALS IN 2015 ($557M)


VENTURE CAPITAL CANADIAN MARKET OVERVIEW

// YTD Q3 2016


VENTURE CAPITAL HIGHLIGHTS // YTD Q3 2016

Key Findings:

The $2.1B invested in the first 3 quarters of 2016 is 9% shy of the total invested in all of last year and more than any previous single year since 2007.

Average VC deal size this year is $5.83M, the highest since 2013. $605M invested over 111 deals in Q3 2016, 8% higher than the quarterly average ($562M) since 2013. Ranked first and second respectively in terms of both YTD number of deals and dollars

invested, Ontario ($1B invested over 134 deals) and Quebec ($629M invested over 115 deals) saw their average VC deal size average spike by 44% (to $7.5M) and 46% (to $5.7M).

There was $1.4B (over 241 deals) invested in ICT companies, just 3% less than last year’s total, and higher than the amounts invested in all of 2014 ($1.3B) and 2013 ($1.1B).

VC Investments in agribusiness shows an upward year-over-year trend: $14M in 2013, $27M in 2014, $42M in 2015 and $153M in the first three quarters of 2016.

High-water marks not seen since 2013 for: ICT - $5.6M (up 24%); life sciences - $6.9M (up 17%); agribusiness - $7.6M (up 260%) and others - $5.9M (up 117%).

Of the $716M invested in the top 10 VC deals of 2016, $454M (63%) was invested in early-stage companies and $262M (37%) in later-stage companies.

The largest YTD disclosed exit involving Canadian investors involved the acquisition of Privacy Analytics Inc. by IMS Health for $44M. Investors included BDC Capital Inc., Fight Against Cancer Innovation Trust (FACIT), IMS Health, MaRS IAF, Purple Angel and Vanedge Capital Partners Ltd.


115134

52 124

23$312M

$16M

$82M

$629M

$1BOntario

BC

Alberta

Manitoba

Québec Nova Scotia$48M

New Brunswick

Newfoundland& Labrador

$28M

$5M

$18MSaskatchewan

PrinceEdward Island

17

3

17

$2.1btotal

368 dealstotal #

VENTURE CAPITAL HEAT MAP // YTD Q3 2016

QUARTER-OVER-QUARTER VC INVESTMENT ACTIVITY

0

20

40

60

80

100

120

140

160

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

$41

4

$34

0

$6

01

$54

0

$35

8

$41

1

$6

54

$6

13

$41

9

$6

64

$6

21

$6

58

$8

43

$6

97

85

82

10297

110

91

110

122 133

139 142

131

119

138

Q3

$6

05

111

$ Millions Invested

# Deals

2013 2014 2015 2016

TOTAL:366 DEALS

$1.9B

TOTAL:433 DEALS

$2.0B

TOTAL:545 DEALS

$2.4B

TOTAL:368 DEALS

$2.1B


TOP CANADIAN PROVINCES FOR VC INVESTMENTS // YTD Q3 2016

VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: Q3 2016 | 8

#1 // Ontario

#2 // quebec

#3 // bc

ONTARIO’S TOP DEAL

ICT

LIFE SCIENCES

QUEBEC’S TOP DEAL

BC’S TOP DEAL

COMPANY NAME SECTOR DISCLOSED INVESTORS $ MIL.

THALMIC LABS. INC. ICTAMAZON.COM NV INVESTMENT HOLDING LLC, FIRST ROUND CAPITAL, FMR LLC (FIDELITY), INOVIA CAPITAL INC., INTEL CAPITAL, SPARK CAPITAL

$158

REAL MATTERS ICT CDN PRIVATE INVESTORS, WHITECAP VENTURE PARTNERS $100

BUILDSCALE, INC. ICTBATTERY VENTURES, BESSEMER VENTURE PARTNERS, INOVIA CAPITAL INC., OMERS VENTURES MANAGEMENT INC., SALESFORCE VENTURES, SOFTTECH VC

$49


DALCOR PHARMACEUTICALS INC.

LIFE SCIENCES CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, CTI PARTNERS, FONDS DE SOLIDARITÉ FTQ, CDN PRIVATE INVESTORS $128

ILKOS THERAPEUTICS INC. LIFE SCIENCES CTI PARTNERS, FONDS DE SOLIDARITÉ FTQ $21

ADDÉNERGIE TECHNOLOGIES INC ICT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC,

INVESTISSEMENT QUÉBEC $13


ZYMEWORKS INC. LIFE SCIENCES

BDC CAPITAL AND LUMIRA CAPITAL, JOINED BY ELI LILLY, CELGENE, CTI LIFE SCIENCES, FONDS DE SOLIDARITÉ, PERCEPTIVE ADVISORS, TERALYS CAPITAL, NORTHLEAF, BRACE PHARMA CAPITAL, MERLIN NEXUS, OTHERS

$87

INDOCHINO APPAREL INC. ICT DAYANG GROUP CO., LTD. $42

BENCH ACCOUNTING, INC. ICT ALTOS VENTURES, BAIN CAPITAL, LLC, CONTOUR VENTURE

PARTNERS $20LIFE SCIENCES


VC SECTORBREAKDOWN// YTD Q3 2016

Life Sciences

$386M // 56 DEALSAVERAGE DEAL SIZE: $6.9M

Others


AgriBusiness


ICT $1.36B // 241 DEALS

AVERAGE DEAL SIZE: $5.6M

Clean Tech


TOP VC SECTORS // YTD Q3 2016

continued VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: Q3 2016 | 10

ICT

life sciencesCOMPANY NAME PROVINCE DISCLOSED INVESTORS $ MIL.

DALCOR PHARMACEUTICALS INC.

QUEBEC

CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, CTI PARTNERS, FONDS DE SOLIDARITÉ FTQ, CDN PRIVATE INVESTORS

$128

ZYMEWORKS INC. BC

BDC CAPITAL AND LUMIRA CAPITAL, JOINED BY ELI LILLY, CELGENE, CTI LIFE SCIENCES, FONDS DE SOLIDARITÉ, PERCEPTIVE ADVISORS, TERALYS CAPITAL, NORTHLEAF, BRACE PHARMA CAPITAL, MERLIN NEXUS, OTHERS

$87

ILKOS THERAPEUTICS INC.

QUEBECCTI PARTNERS, FONDS DE SOLIDARITÉ FTQ

$21

ESSA PHARMA INC. BC

BLOOM BURTON & CO. LIMITED, CHARLESTOWN JUPITER FUND, LLC, CLARUS VENTURES, LLC, DEERFIELD MANAGEMENT COMPANY, L.P., K2 & ASSOCIATES INVESTMENT MANAGEMENT INC., LS ADVISERS, LLC, OMEGA FUND MANAGEMENT LIMITED, STRATIGIS CAPITAL ADVISORS INC

$18

INTEGA SKIN SCIENCES INC.

QUEBECKNIGHT THERAPEUTICS AND BLOOM BURTON HEALTHCARE LENDING TRUST

$11

COMPANY NAME PROVINCE DISCLOSED INVESTORS $ MIL.

THALMIC LABS. INC.

ONTARIO

AMAZON.COM NV INVESTMENT HOLDING LLC, FIRST ROUND CAPITAL, FMR LLC (FIDELITY), INOVIA CAPITAL INC., INTEL CAPITAL, SPARK CAPITAL

$158

REAL MATTERS ONTARIOCDN PRIVATE INVESTORS, WHITECAP VENTURE PARTNERS

$100

BUILDSCALE, INC. ONTARIO

BATTERY VENTURES, BESSEMER VENTURE PARTNERS, INOVIA CAPITAL INC., OMERS VENTURES MANAGEMENT INC., SALESFORCE VENTURES, SOFTTECH VC

$49

INDOCHINO APPAREL INC.

BC DAYANG GROUP CO., LTD. $42

LEAGUE, INC. ONTARIO

BDC CAPITAL INC., OMERS VENTURES MANAGEMENT INC., QUANTUM VALLEY INVESTMENTS, REAL VENTURES, OTHER INVESTORS

$32

$158M#1 ICt Investment

$128M#1 life sciences Investment

continued


cleantechCOMPANY NAME PROVINCE DISCLOSED INVESTORS $ MIL.

ECOBEE, INC. ONTARIOAMAZON.COM NV INVESTMENT HOLDING LLC, RELAY VENTURES, THOMVEST VENTURES, INC.

$35

MORGAN SOLAR INC. ONTARIO ARCTERN VENTURES $10

ECOBEE, INC. ONTARIO EDC EQUITY $10

AXINE WATER TECHNOLOGIES INC.

BCBDC CAPITAL INC., CHRYSALIX ENERGY VENTURE CAPITAL, THE RODA GROUP

$8

GREENMANTRA RECYCLING TECHNOLOGIES LTD.

ONTARIO CYCLE CAPITAL MANAGEMENT (CCM) INC., CDN PRIVATE INVESTORS $6

$35M#1 cleantech Investment

TOP VC SECTORS // YTD Q3 2016


TOP10 DISCLOSED CANADIAN VC DEALS // YTD Q3 2016

COMPANY NAME PROVINCE DISCLOSED VC FIRM(S) SECTOR $ MIL.

THALMIC LABS INC. ONTARIOAMAZON.COM NV INVESTMENT HOLDING LLC, FIRST ROUND CAPITAL, FMR LLC (FIDELITY), INOVIA CAPITAL INC., INTEL CAPITAL, SPARK CAPITAL

ICT $158

DALCOR PHARMACEUTICALS INC. QUEBEC CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, CTI PARTNERS,

FONDS DE SOLIDARITÉ FTQ, CDN PRIVATE INVESTORS LIFE SCIENCES $128

REAL MATTERS INC. ONTARIO CDN PRIVATE INVESTORS, WHITECAP VENTURE PARTNERS ICT $100

ZYMEWORKS INC. BC

BDC CAPITAL, LUMIRA CAPITAL, JOINED BY ELI LILLY, CELGENE, CTI LIFE SCIENCES, FONDS DE SOLIDARITÉ, PERCEPTIVE ADVISORS, TERALYS CAPITAL, NORTHLEAF, BRACE PHARMA CAPITAL, MERLIN NEXUS, OTHERS

LIFE SCIENCES $87

FARMERS EDGE. MANITOBAAVRIO VENTURES MANAGEMENT CORP., KLEINER PERKINS CAUFIELD & BYERS (KPCB), MITSUI & CO. GLOBAL INVESTMENT LTD., OSMINGTON INC., CDN PRIVATE INVESTORS

AGRIBUSINESS $58

BUILDSCALE, INC. ONTARIOBATTERY VENTURES, BESSEMER VENTURE PARTNERS, INOVIA CAPITAL INC., OMERS VENTURES MANAGEMENT INC., SALESFORCE VENTURES, SOFTTECH VC

ICT $49

INDOCHINO APPAREL INC. BC DAYANG GROUP CO., LTD. ICT $42

ECOBEE, INC. ONTARIO AMAZON.COM NV INVESTMENT HOLDING LLC, RELAY VENTURES, THOMVEST VENTURES, INC. CLEANTECH $35

LEAGUE, INC. ONTARIO BDC CAPITAL INC., OMERS VENTURES MANAGEMENT INC., QUANTUM VALLEY INVESTMENTS, REAL VENTURES, OTHER INVESTORS ICT $32

DIABLO TECHNOLOGIES INC. ONTARIOBATTERY VENTURES, BDC CAPITAL INC., CELTIC HOUSE VENTURE PARTNERS, HASSO PLATTNER VENTURES (HPV), ISRAEL CLEANTECH VENTURES (ICV)

ICT $27


TOP DISCLOSED VC EXITS // YTD Q3 2016

#1$132M

#2$44M

Horizons Ventures Limited, Kleiner Perkins Caufield

& Byers (KPCB), Snapchat, Inc

Investors

Company buyer

Bitstrips Inc. Snapchat

Company

Aimetis Corp.

buyer

Magal Security

ICT ICT

#3$18M

Covington Capital Corporation, Magal Security Systems Ltd,

VL Advisors Inc.

Investors

Company

Privacy Analytics Inc.

buyer

IMS Health

BDC Capital Inc., Fight Against Cancer Innovation Trust (FACIT),

IMS Health Inc., MaRS IAF, Purple Angel, Vanedge Capital

Partners Ltd.

Investors

ICT


MOST ACTIVE PRIVATE INDEPENDENT FIRMS // YTD Q3 2016

* TOTAL DEAL VALUES – INCLUDES ALL PARTICIPATING INVESTORS

Total Deals $ Millions*

$103

$83

$248

$119

$93

$280

$24

$7

$21

$11

Real Ventures

Cycle Capital Management (CCM) Inc

iNovia Capital Inc.

Relay Ventures

Avrio Ventures Management Corp.

Teralys Capital

Westcap Mgt. Ltd.

Freycinet Investments Ltd.

Build Ventures

White Star Capital Inc.

52

22

14

14

9

8

7

6

5

5 Real Ventures

most active private independent FIRM

52 DEALS


MOST ACTIVE PENSION, RETAIL, CORPORATE & OTHER PUBLIC FUNDS // YTD Q3 2016

* TOTAL DEAL VALUES – INCLUDES ALL PARTICIPATING INVESTORS

Fonds de solidarité FTQ

Largest investor by total dollars

$287M


$243

$287

$38

$104

$150

Fondaction CSN

Fonds de solidarité FTQ

Capital Régional et Coopératif Desjardins

OMERS Ventures Management Inc.

Caisse de dépôt et placement du Québec

18

17

15

5

4


MOST ACTIVE GOVERNMENT FUNDS // YTD Q3 2016


$452

$28

$21

$136

$8

$51

$4

BDC Capital Inc.

New Brunswick Innovation Foundation (NBIF)

Innovacorp

Investissement Québec

MaRS IAF

EDC Equity

Atlantic Canada Opportunities Agency (ACOA)

70

23

15

13

13

11

6

BDC CAPITAL INC.most active

70 DEALS$452M


PRIVATE EQUITY CANADIAN MARKET OVERVIEW

// YTD Q3 2016


PRIVATE EQUITY HIGHLIGHTS // YTD Q3 2016

Key Findings:

Ontario captured 42% of PE dollars invested with $3.8B (over 60 deals); Quebec was second capturing 25% with $2.3B invested (over 140 deals).

5 of the top 10 PE investors were Quebec-based, investing a total of $1.6B over 169 deals in the first three quarters of 2016.

Oil and gas had nearly a third of all PE investments in Q3 with $2.8B invested in 26 deals. ICT was a close second (25% share) with $2.3B invested over 41 deals, followed by cleantech (21% share) with $1.9B over 19 deals.

There were 41 PE exits this year totalling $5.5B: 35 M&A exits ($3.5B) and 6 secondary sales ($2.0B).PE firms raised $4.7B to date in 2016, down 25% from the $6.2B raised during the same time last year.The largest disclosed PE exit of the year involved the $1.6B buyout of Ontario-based TRADER

Corporation by PE firm Thomas Bravo LLC.

1403326

72

2$1.6B

$223m

$2.3B$3.8BOntario

BCAlberta

Saskatchewan

Québec

$1.0B

1

$30mManitoba

$1.0MNova Scotia

New Brunswick

60

total 271 dealstotal #

PRIVATE EQUITY HEAT MAP // YTD Q3 2016

$9.0b


QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY

Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

$0

$5,000

$10,000

$15,000

$20,000

$25,000

0

25

50

75

100

125

$2,

528

$2,

927

$1,

844

$3,

96

3

$6

,277

$5,

250

$7,

80

4

$22

,852

$7,

053

$1,

86

9

$11

,36

7

$2,

60

0

$2,

971

$3,

114

55

79

47

83

64

80

88

102

91

104

116 114

87

93 91

$2,

96

0

Q3

$ Millions Invested

# Deals

2013 2014 2015 2016

TOTAL:264 DEALS

$11.3B

TOTAL:334 DEALS

$42.2B

TOTAL:425 DEALS

$22.9B

TOTAL:271 DEALS

$9.0B



TOP CANADIAN PROVINCES FOR PE INVESTMENTS // YTD Q3 2016 #1 // Ontario

#2 // quebec

#3 // alberta


TRADER CORPORATION ICT APAX PARTNERS LLP, THOMA BRAVO, LLC $1,617

PACIFIC EXPLORATION & PRODUCTION CORP OIL & GAS, POWER CATALYST CAPITAL GROUP INC. $641

LIFEMARK HEALTH AND VIEWPOINT MEDICAL ASSESSMENTS

LIFE SCIENCES AUDAX MANAGEMENT COMPANY, LLC, CENTRIC HEALTH CORPORATION $245


RIMROCK OIL & GAS OIL & GAS, POWER WARBURG PINCUS LLC $690

AXIA NETMEDIA CORPORATION ICT PARTNERS GROUP HOLDING AG $272

TRANSALTA RENEWABLES INC CLEANTECH ALBERTA INVESTMENT MANAGEMENT

CORPORATION (AIMCO), TRANSALTA CORPORATION $200


SERVICES MATREC INC. CLEANTECH

GFL ENVIRONMENTAL INC., HAWTHORN EQUITY PARTNERS, HIGHBRIDGE PRINCIPAL STRATEGIES, LLC, MACQUARIE INFRASTRUCTURE AND REAL ASSETS (MIRA)

$800

TRIOTECH AMUSEMENT INC CONSUMER & RETAIL CAISSE DE DÉPOT ET PLACEMENT DU QUEBEC,

FONDS DE SOLIDARITÉ FTQ $80

OSISKO GOLD ROYALTIES LTD. MINING & RESOURCES INVESTISSEMENT QUÉBEC $50

ONTARIO’S TOP DEAL

ICT

QUEBEC’S TOP DEAL

CLEANTECH

ALBERTA’STOP DEAL

OIL & GAS, POWER


PE SECTORBREAKDOWN // YTD Q3 2016

Oil & Gas, Power $2.8B // 26 DEALS

Life Sciences

$494M // 16 DEALS

Mining & Resources

$454M // 30 DEALS

Industrial & Manufacturing

$219M // 55 DEALS

Other

$419M // 10 DEALS

Business Products & Services

$71M // 13 DEALS

Consumer & Retail

$204M // 23 DEALS

AgriForestry

$145M // 19 DEALS

ICT

$2.3B // 41 DEALS

CleanTech

$1.9B // 19 DEALS

OIL & GAS, POWER AS TOP PE SECTOR // YTD Q3 2016

$975M

province

Disclosed Investors

Saskatchewan Assets of Penn West Petroleum

Canada Pension Plan Investment Board (CPPIB), Penn West Petroleum Ltd,

Teine Energy Ltd.

Saskatchewan

$690M

province

RimRock Oil & Gas

Warburg Pincus LLC

Alberta

Disclosed Investors

$641M

province

Disclosed Investors

Pacific Exploration & Production Corp

Catalyst Capital Group Inc.

Ontario



TOP DISCLOSED PE DEALS // YTD Q3 2016

TOP COMPANY $1.6BTRADER CORPORATION

RANK COMPANY PROVINCE PE FIRM(S) SECTOR $ MIL.

1 TRADER CORPORATION ONTARIO APAX PARTNERS LLP, THOMA BRAVO, LLC ICT $1,616

2SASKATCHEWAN ASSETS OF PENN WEST PETROLEUM

SASKATCHEWAN CANADA PENSION PLAN INVESTMENT BOARD (CPPIB), PENN WEST PETROLEUM LTD, TEINE ENERGY LTD.

OIL & GAS, POWER $975

3 SERVICES MATREC INC. QUEBEC

HIGHBRIDGE PRINCIPAL STRATEGIES, MACQUARIE INFRASTRUCTURE AND REAL ASSETS (MIRA), HAWTHORN EQUITY PARTNERS

CLEANTECH $800

4 RIMROCK OIL & GAS ALBERTA WARBURG PINCUS OIL & GAS, POWER $690

5 PACIFIC EXPLORATION & PRODUCTION CORP ONTARIO CATALYST CAPITAL GROUP INC. OIL & GAS,

POWER $641

ICT


TOP 3 DISCLOSED PE EXITS // YTD Q3 2016

buyer/PE Investor

PE Investors

TRADER Corporation

Apax Partners LLP, Thoma Bravo, LLC

Thoma Bravo

$1.6B

#1

PE InvestorsQingdao Sinoenergy Capital Corporation,

Sprott Consulting LP

Sinoenergy

buyer/PE Investor

buyer/PE Investor

PE Investors

Wind Mobile

Globalive Capital, LG Capital Investors LLC, Novus Entertainment Inc.,

Serruya Private Equity, Shaw Communications Inc.,

Tennenbaum Capital Partners, LLC, West Face Capital Inc.

Shaw

$1.6B

#2

Long Run Exploration Ltd.

#3

$770M


MOST ACTIVE PE FIRMS // YTD Q3 2016

55

38

36

31

9

9

8

6

# Deals $ Millions*


Capital Régional et Coopératif Desjardins

Fonds de solidarité

Caisse de dépôt et placement du Québec

Fondaction

PFM Capital Inc.

BDC Capital Inc.

32 Degrees Capital

$186

$336

$308

$655

$147

$128

$20

$186


most active PE FIRM

55 DEALS

* TOTAL DEAL VALUES - INCLUDES ALL PARTICIPATING INVESTORS


CVCA METHODOLOGY

Venture Capital Data:

Dataset includes verified completed equity or quasi-equity venture capital deals only (non-equity or project-based government funding, pharmaceutical product development deals, senior debt, venture capital-backed acquisitions, and angel financing are not included)

Private Equity Data:

Dataset includes only completed private equity deals (announced, but yet to be completed deals, are not included)


CVCA ABOUT& CONTACTAuthors

Darrell oversees all data related to Canadian private capital investments, exit and fundraising activities for the CVCA. Darrell has held senior positions at several global organiza-tions including the Toronto Stock Exchange, Institutional Lim-ited Partners Association, Thomson Reuters, Glaxosmithkline and the Interac Association. In between these, he also start-ed his own successful management consulting company. He has worked in New York, London and Shanghai, but Toronto remains his favourite working city. He brings to the CVCA a passion for telling compelling stories with data. Darrell is currently on the board of a non-profit social housing in Peel, a member of Volunteer Toronto as well as an active volunteer with Woodgreen Community Services. He holds a BA in Philosophy/History from the University of Western Ontario and an MBA from the Rotman School of Management.

[email protected] | 416-487-0519 ext. 208

Carolyn oversees all of the CVCA’s communications and marketing efforts, which includes managing the Association’s brand, coordinating media outreach programs, and managing the development of all online content and social media en-gagements. Carolyn also brings with her a background in jour-nalism, and is keen on positioning the CVCA as the industry thought leader for all things private capital through informative and engaging content. Carolyn has a BA in Popular Culture and Communications from Brock University, a diploma in Journalism from Niagara College Canada, and an interdisciplin-ary Master of Arts degree in Communication Studies from Brock University.


Amy executes research on venture capital and private equity deals to oversee the Canadian private capital mar-kets. Amy is responsible for entering the data, including investment and exit deals and fundraising activities, and is keen on providing the most accurate and up-to-date information through the CVCA’s Infobase. Amy holds a Bachelor of Mathematics, Co-op with concentrations in finance and accounting from University of Waterloo.


DARRELL PINTOResearch Director

AMY KIMResearch Associate

CAROLYN GOARDSenior Manager, Communications

About CVCAThe Canadian Venture Capital and Private Equity Association is the voice of Cana-da’s venture capital and private equity industry. We are focused on improving the private capital ecosystem by broadening industry awareness and providing market research, networking, and professional development opportunities.

We also advocate on behalf of the industry to ensure sound public policy that encourages a favourable investment environment. The CVCA works alongside its members, who represent the vast majority of private capital firms in Canada, to improve the industry and drive innovation and growth.

For more information, visit cvca.ca

@CVCACanada /CVCACanada

CVCA - Canadian Venture Capital and Private Equity Association

372 Bay St., Suite 1201 Toronto, ON M5H 2W9

VC & PE Canadian Market Overview – YTD Q3 2016

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