Key Findings: H1-2023
PE: The participation rate of deals involving US investors reached 15%, a level not observed since 2015.
US investor engagement was largely concentrated in Ontario, taking part in 9% of all transactions (30) within the province.
PE: Continued interest rate increases are affecting Canadian PE, leading to an absence of large deals.
Q2’s largest disclosed deal was a minority investment made in Toronto-based Hostaway for $238M from a US-based investor.
Compared to the US which saw its lowest quarter since Q2 2020, Canadian investment activity in Q2 is just shy of levels seen in 2021. Q2 2023 saw a 140% rise in dollars invested and 3% in deal count Q-o-Q.
H1 2023 is now the third-highest first half on record in both deal count and total deal value, just behind 2021 and 2022.