KKR, a U.S. private equity firm that raised US$711 million for its Next Generation tech fund in 2016, is seeking investments in Toronto, Waterloo and Vancouver. However, it’s yet to close a Canadian deal. “We have actually put a couple of term sheets down on companies, but we didn’t win the business, somebody overbid us,” said Dave Welsh, who leads KKR’s technology, media and telecommunications strategy. (Financial Post)

Talking point: KKR faces competition from Canadian private equity firms increasingly seeking out tech deals. My colleague Zane reported in December 2018 that the Canada Pension Plan Investment Board was planning on investing up to $1 billion in venture capital funds, while Ontario Teachers’ Pension Plan announced in April 2018 that Olivia Steedman will lead its new department focused on late-stage venture capital and growth equity in tech companies. Meanwhile, the Venture Capital Catalyst Initiative is injecting some fresh capital for venture funds this year; recently, Northleaf Capital Partners, a VCCI recipient, closed $300 million. In the past, the fund has invested in Wattpad and Shopify.