Nearly a decade after the federal government launched a flagship program meant to bolster venture capital investments from Canadian private companies, governments and foreign investors are still overrepresented in the country’s funding landscape, The Logic’s analysis of Pitchbook data shows. 

Of the 100 most active limited partners (LPs) in Canada-based venture capital and private equity funds, nearly two-thirds are foreign investors. Government agencies make up the bulk of local LPs. 

Experts in the field say the imbalance speaks to the relatively small Canadian market, and the country’s fairly young venture ecosystem. But as the sector matures, they’re looking to private-sector investors to play a larger role in funding Canadian startups.