Venture Capital Firms Private Equity & LSVCC Firms Limited Partners

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Venture Capital Firms Private Equity & LSVCC Firms Limited Partners VC & PE CANADIAN MARKET OVERVIEW // H1 2019 CONTENTS PARTICIPATING DATA CONTRIBUTORS .......................................................................3 PRIVATE EQUITY CANADIAN MARKET OVERVIEW ................................................ 18 FOREWORD ......................................................................................................................4 PRIVATE EQUITY HIGHLIGHTS ............................................................................................................... 19 PRIVATE EQUITY HEAT MAP // BUYOUT & ADD-ON DEALS ONLY ............................................ 20 VENTURE CAPITAL CANADIAN MARKET OVERVIEW ...............................................5 PRIVATE EQUITY HEAT MAP // PE GROWTH DEALS ONLY ........................................................... 21 VENTURE CAPITAL HIGHLIGHTS ............................................................................................................ 6 PRIVATE EQUITY HEAT MAP // ALL PE DEALS ................................................................................. 22 VENTURE CAPITAL HEAT MAP ................................................................................................................. 7 QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY ............................................................... 23 QUARTER-OVER-QUARTER VC INVESTMENT ACTIVITY ................................................................. 8 TOP 10 DISCLOSED CANADIAN PE DEALS ....................................................................................... 24 VC ACTIVITY BY DEAL SIZE ...................................................................................................................... 9 PE ACTIVITY BY DEAL SIZE .................................................................................................................... 25 TOP DISCLOSED CANADIAN VC DEALS .............................................................................................. 10 TOP 10 CANADIAN CITIES // ADMINISTRATIVE CENTRES ............................................................ 26 TOP 10 CANADIAN CITIES // ADMINISTRATIVE CENTRES .............................................................. 11 PE SECTOR BREAKDOWN ...................................................................................................................... 27 VC SECTOR BREAKDOWN ...................................................................................................................... 12 PE EXITS ....................................................................................................................................................... 28 VC STAGE BREAKDOWN .......................................................................................................................... 13 TOP DISCLOSED CANADIAN PE EXITS .............................................................................................. 29 VENTURE DEBT HEAT MAP ..................................................................................................................... 14 MOST ACTIVE PE INVESTORS ............................................................................................................... 30 VC EXITS ....................................................................................................................................................... 15 TOP DISCLOSED VC EXITS ..................................................................................................................... 16 CVCA METHODOLOGY ................................................................................................ 31 MOST ACTIVE VC FIRMS // FUNDS ........................................................................................................ 17 VENTURE CAPITAL .................................................................................................................................... 31 PRIVATE EQUITY ................................................................................................................................. 32, 33 AUTHORS, ABOUT CVCA AND CONTACT INFO ..................................................... 34 VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW // H1 2019 | 2 PARTICIPATING thanks the following firms DATA CONTRIBUTORS CVCA who participated in its H1 2019 survey. Venture Capital Firms Private Equity & LSVCC Firms Limited Partners Accelerate Fund Freycinet Ventures Renewal Funds 32 Degrees Capital Mink Capital Alberta Teachers’ Retirement Fund (ATRF) Amorchem Venture Fund Golden Ventures Rio Investment Partners AIP Private Capital Mosaic Capital Corporation BDC Capital Inc Anges Quebec Good News Ventures Roadmap Capital ARC Financial Novacap Management Inc. Bluesky Equities Anges Quebec Capital GreenSoil Investments Roar VC Ardenton Capital Corporation OMERS Private Equity Inc. Caisse de dépôt et placement du Québec (CDPQ) Arctern Ventures iGan Partners Round13 BDC Growth Equity PenderFund Capital Management Dancap Private Equity Inc AVAC Ltd. InnoStart Ventures ScaleUP Ventures BDC GTC Persistence Capital Partners Desjardins Capital Avrio Ventures Innovacorp StandUp Ventures Capital Financière Agricole Management Corp PFM Capital Inc Fondaction CSN inovia Capital Tactex Asset Clairvest Group Inc. Azure Capital Partners Management Inc. Pillarfour Capital Fonds de solidarité FTQ Investeco Capital Corp Clearspring Capital Partners BCF Ventures Tandem Expansion PRIVEQ Capital Funds Fonds de solidarité FTQ (Regional) Island Capital Partners First West Capital Bioindustrial TandemLaunch Regimen Equity Partners HarbourVest Partners (Canada) Ltd Innovation Canada Luge Capital Founders Group of TELUS Ventures Food Companies Inc. Roynat Capital Inc. Investissement Quebec Build Ventures Lumira Ventures Top Renergy Fulcrum Capital Partners Seafort Capital Kensington Capital Partners Limited CIBC Innovation Banking MaRS Catalyst Fund Trellis Capital GrowthWorks Capital Searchlight Capital Partners Northleaf Capital Partners CIC Capital Ventures MaRS IAF TVM Life Science Highland West Capital TIMIA Capital Corp Ontario Teachers’ Pension Plan (OTPP) CTI Life Sciences McRock Capital Management Inc. InstarAGF Asset Management TriWest Capital Partners Teralys Capital Cycle Capital Management/ Mistral VP V3-Ventures EcoFuel Kayne Capital Vistara Capital Partners New Brunswick Vancouver Founders Fund Emerald Technology Ventures Innovation Foundation Killick Capital Inc. Westcap Mgt. Ltd Vanedge Capital Partners EnerTech Capital OMERS Ventures Lex Capital Management Western Investment Venbridge Ltd. Company of Canada Limited Espresso Capital Ltd. Panache Ventures m2s Capital VentureLink Funds Evok Innovations Pangaea Ventures Versant Ventures Ferst Capital Quark Venture White Star Capital Fight Against Cancer Real Ventures Innovation Trust Whitecap Venture Partners If you would like to have your firm included in future Relay Ventures reports, please contact either First Ascent Ventures Yaletown Partners [email protected] or [email protected] VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW // H1 2019 | 3 FOREWORD Canadian Venture Capital Experiences Strongest First Half On Record At CAD $2.15B Invested; Private Equity Investment Up Over 50% Since Q1 – Lowest H1 Performance On Record CAD $1.28B invested over 143 VC deals in Q2; Major pending PE deals, valued over CAD $6B, set to positively change sector trajectory VENTURE CAPITAL PRIVATE EQUITY A record CAD $1.28B was invested over 143 deals in the second quarter this year, bringing the total dollars CAD $3B was invested over 158 deals in the second quarter, 54% higher than the first quarter of 2019. invested in the first half of 2019 to CAD $2.15B; surpassing the previous highest quarter in Q4 2018 (CAD $1.25B) This brings the total PE investment in the first half of the year to CAD $4.89B, the lowest dollars invested and previous highest first half in H1 2018 (CAD $1.67B). in a first half since the CVCA began collecting data in 2013. Deal activity in H1 2019 (289 deals) was lower There were 11 mega-deals ($50M+) in the first half of 2019, which accounted for a 42% share of total VC than H1 2018 (324 deals) and H1 2017 (292 deals) dollars invested. Of these 11, Four were over CAD $100M and included Hamilton-based Fusion Pharmaceutical There are at least two pending major deals, including the CAD $5B privatization by Onex Corporation Inc.’s CAD $140M series B financing from a syndicate that included CVCA membersFight Against Cancer of Calgary-based WestJet Airlines Ltd. and Brookfield Asset Management’s pending CAD $1B sale of Innovation Trust (FACIT) and Genesys Capital Management Inc. Ontario-based BGIS to CCMP Capital Advisors which are expected to positively change the trajectory Information and communication technology (ICT) companies took home the majority of total dollars of PE investment performance this year. invested in the first half of 2019 at 54% (CAD $1.2B over 144 deals) with life sciences receiving 27% (CAD Apart from a single mega-deal (CAD $500M+), all other deals with disclosed values were below CAD $586M over 55 deals), slightly higher than the five-year average of 21%. Agribusiness companies received $500M and 66% (192 deals out of 289) were under CAD $25M. The largest disclosed PE deals included the 11% (CAD $243M over 20 deals). CAD $1.4B mega-buyout by Thoma Bravo LLC of privately held London, Ontario-based Autodata Solutions VC-backed exits are on pace to exceed the 36 in 2018 (CAD $989M) with 20 completed in H1 2019 Inc. and the
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