Private equity investments in Canada hit nearly $18.2 billion across 141 deals in the first quarter of 2025, according to preliminary data from the Canadian Venture Capital & Private Equity Association. Excluding one megadeal—a $14 billion recapitalization transaction in Montreal-based Garda World—investment activity remained generally on par with quarterly averages since 2020. (The Logic)

Talking point: Venture capital funding was on the lower end of the norm in the first three months of the year, with $1.26 billion invested over 116 deals. That’s down slightly from the two slowest investment quarters last year. The relatively steady investment activity in the face of sweeping tariffs defies conventional wisdom that instability can paralyze investors. A Bennett Jones report on quarterly PE deals noted that while investments are still happening, much of the impact from the tariff war remains to be seen.