There were 15 merger and acquisition deals worth a combined $279 million involving venture capital-backed companies in Canada last quarter, up from just five deals in the first three months of the year, according to the Canadian Venture Capital and Private Equity Association. In the private equity space, there were 37 M&A exits totalling $139 million in the first half of the year. (The Logic)

Talking point: The M&A deals give investors a way to recoup some of their capital amid a prolonged dry spell in initial public offerings. Compared to 2022, however, the exit market is still slow, especially for private equity-backed firms, “indicating investors’ inclination to prolong their investments for more favourable exit conditions,” reads the CVCA report. Generally speaking, private equity isn’t showing the same hints of recovery as venture capital, which has gotten a boost from AI and cleantech deals. After a slow year, the CVCA reported $2.8 billion was invested across 170 deals in the quarter ended June 30, the second largest Q2 on record after 2021.