Waterous Energy Fund III, led by former Scotiabank investment banker Adam Waterous, plans to use the funds to expand its footprint in Canada’s oilsands, where it operates various heavy oil assets through two companies, Strathcona Resources and Greenfire Resources. (The Logic, The Globe and Mail)

Talking point: Waterous’s fundraising is a vote of confidence in Canada’s oil and gas sector, which has suffered a loss of foreign capital investment over the last decade. The latest funds, which come from various institutional investors and family offices, will initially go toward expanding Greenfire’s capacity. Waterous had previously taken a controlling stake in Strathcona, and the fund has since tripled the value of that initial investment to $6.2 billion, according to The Globe and Mail. Adam Waterous was among the 14 oil and gas executives who recently urged Ottawa to declare an energy emergency in an effort to build more critical energy infrastructure.