The private equity firm plans to invest the capital in AI and defence-tech companies. The fund—Novacap’s seventh dedicated to technology investments—is the largest in the firm’s 45-year history, and nearly US$1 billion more than it planned to raise. (The Logic, The Globe and Mail)

Talking point: Droves of investors are selling off tech stocks, worried recent leaps in AI progress will erase their value. Novacap CEO Pascal Tremblay said that has created opportunities to invest at a discount in these companies, many of which, he said, still have strong fundamentals. He said Novacap can be a source of capital to help these firms weather the market’s ups and downs. Investors from 26 countries participated in the fund, with about a third of the capital coming from U.S. backers. The firm plans to make about 12 investments through the fund, at a pace of roughly three deals per year.