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Canadian VC begins 2019 with heft as top Q1 deals raise $667 mlnAfter nine straight years of growth, Canada’s venture capital market showed no signs of slowing down in early 2019. The top 10 first-quarter VC financings drew $667 million from VC funds. While that’s down 28 percent from the $923 million raised by the top 10 deals a year earlier, it exceeds first-quarter results in other recent years. The estimate is based on PE Hub Canada’s list of the largest rounds announced from January through March, supplemented by preliminary data from Refinitiv. It suggests that despite increasing market uncertainty, trends in early 2019 reflect many of the same factors that drove soaring Canadian VC investment activity last year.
Q1 fundraising: a record start for growth equityFunds focused on the strategy closed on almost $25bn in the first quarter of this year, the best such period for growth equity since at least 2008.
Side Letter: Apax, Warburg club up, Stonehage's Clarke-Jervoise, NYC-ing returnsSome exclusive people news, PE portfolios flying high and the return of an old favourite: the club deal. Here’s today's brief, for our valued subscribers only.
NYC pensions post highest-ever private equity returnsThe five New York City retirement funds delivered net PE returns in excess of 10% for the first time since inception.
Former Carlyle exec-founded firm loses majority of team amid fundraise – exclusiveChina-focused Rivendell Partners has been hit with a string of departures over the last 18 months including its chief operating officer and a managing director.
Where PE can find bright spots amid China’s slowdownBDA Partners' Mark Webster describes how Xi Jinping’s recent pledge to improve access to Chinese markets and lower import tariffs will affect private equity and M&A markets in Asia.
Asia PE winners take (nearly) all – Bain reportA winner-take-all dynamic dominated Asia private equity in 2018, which could mean a significant number of funds face hard times this year, according to the latest report from Bain & Company.
Canada’s tech companies raise $3.7 bln of VC in 2018: CVCAInvestment activity in Canada’s venture capital (VC) market in 2018 largely matched 2017's results in dollar terms, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). A total of $3.7 billion was invested in technology companies as of December 31, down a moderate 2 percent from 2017. The year-end total was strengthened by fourth-quarter activity, which saw nearly $1.3 billion invested in 165 financings, up 16 percent from the same time in 2017. Q4 2018 was one of two quarters last year when VC deployments rose above the $1 billion mark. IT sectors accounted for more than two-thirds of total VC invested in Canada in 2018, followed by life sciences sectors, which took a 17 percent share.
Caisse de dépôt leads $150 mln funding of China's MofangMofang Gongyu, a Shanghai, China-based institutional rental apartment operator, has raised US$150 million in a Series D financing. The round was led by Canadian pension fund manager Caisse de dépôt et placement du Québec. Founded in 2009, Mofang operates long-term rental housing for urban professionals in major Chinese cities, such as Beijing, Shanghai, Guangzhou and Shenzhen. It will use the funds raised to augment the company's market presence, extend operational capabilities, enhance its IT system and loyalty program, and pursue acquisitions. Mofang previously raised rounds backed by AVIC Trust and Warburg Pincus.