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in their majority interest sale of the company to TowerBrook Delta Fund

in connection with the acquisition of Core Avionics & Industrial

in its US$525-million acquisition of G6 Hospitality from Blackstone Real Estate Advisors

in its acquisition of First Choice Disposal


in its initial investment in, and its acquisition of a remaining interest in, Shared Tower

in its C$1.19-billion acquisition of an indirect minority equity interest in the Labrador-Island Link from Emera 

in Crescent Point Energy’s US$1.8-billion take-private transaction of Hammerhead Energy

in its C$1.2-billion going private transaction by Birchhill Equity Partners and Homestenders Life

in the acquisition of Core Avionics & Industrial by portfolio company Lynx Software Technologies

in its US$4.6-billion carve-out acquisition of First Student and First Transit from First Group

as Canadian counsel, in its take-private acquisition of UGE International

in the sale of a 51% interest to AGF Management

in its indirect investment through its affiliates of a majority equity interest in Alta West Mortgage Capital

in multiple matters, including its acquisitions of Northern Light Truck Campers and Off Grid Trailers from KV Private Equity to form Outdoor Adventure Group

in connection with the sale of a majority interest in LiftWerx Solutions to the TowerBrook Delta Fund managed by TowerBrook Capital Partners

in its acquisition of Recochem, a Quebec based manufacturer of aftermarket transportation and household fluids

in its investment in Trackunit, a global leader in software for the construction sector

in its investment in Element5, a mass timber producer in North America offering a full range of structural engineering, modelling, production, and assembly

in connection with its acquisition of an industrial complex in Amos from Resolute

on its acquisition of Blue Mantis and its subsidiaries in the US, Canada and India, from ABRY Partners

in the sale of its portfolio company, Mt. Hamilton LLC, the owner of the fully permitted Mt. Hamilton gold and siler project in White Pine County, Nevada, to Bendito Resources

in its sale by Quad-C and management shareholders to Cornell Capital and Torquest Partners

in a structured investment and strategic partnership in Nettwerk Music

in its majority recapitalization of Vitruvi, provider of geospatial construction management software

in its leveraged buyout of majority partner H.I.G. Capital from PI Financial, and in the concurrent merger with Echelon Wealth Partners

in its acquisition from Algonquin Power & Utilities of a 49% stake in a portfolio of three wind assets and of an 80% stake in a fourth wind asset

in their acquisitions of Resolute Health, Surgical Centres, Chirurgie Dix30 and Medego Immobilier

in its acquisition of VersaCold Logistics Services from Torquest Partners, The Investment Management Corporation of Ontario and OPTrust

in their US$3.2-billion acquisition of K+S Aktiengesellschaft's North and South American salt business, including Morton Salt and Windsor Salt

in its acquisition of Flexpipe, a Québec-based manufacturer of modular plastic and metal products for various industries

in the US$916-million purchase of the iconic Royal Bank Plaza in Toronto from Oxford Properties Group and Canada Pension Plan Investment Board

in various Canadian acquisitions, including its purchase of Sinclair Dental

Ongoing representations of private investment funds, including Apollo Global Management, Brookfield Asset Management, Canso Investment Counsel, Catalyst Capital, Denham Capital, Encap Investments, Kingsett Capital, Kohlberg Kravis Roberts & Co., Metalmark Capital, Natural Gas Partners, Odyssey Investment Partners, OMERS Ventures, Solus Capital, Tenex Capital Management, TriWest Capital Partners, Borealis Foods and CF Acquisition Corp. VI, in various transactions and related matters

Private Equity

The investment arm of a Canadian municipal government in multiple fund formations, fund governance, investment and securities matters

The investment arm of a Canadian municipal charitable community foundation in multiple fund formations, fund governance, investment and securities matters

in multiple investments in venture and private equity funds

in all matters related to its open-ended mortgage investment fund structured as a trust under the laws of Ontario


in connection with its formation and reorganization, as well as advising fund in connection with its investments in Capstan Therapeutics and Reverb Therapeutics

in connection with the formation of Hellman & Friedman Capital Partners XI, LP

in multiple fund formations, fund governance, investment and securities matters

in connection with the formation of an Indigenous-managed infrastructure debt fund which is targeting commitments of CAD$1 billion

closed the formation of second investment fund for a Canadian sponsor with a focus on co-investments and fund of fund of investments

advised on its fund formations and fund-raising matters, including in the formation and launch of an open-ended fund, Trez Capital Yield US (CAD) LP

in its C$1.4-billion third flagship fund formation

in fund formations and subsequent fund securities issuances, and in commercial real estate acquisitions

in the formation and prospectus filing for Matco Fixed Income Fund, Matco Balanced Fund, Matco Canadian Equity Income Fund, Matco Global Equity Fund and Matco Small Cap Fund

in the formation of its closed-ended private equity fund Yellow Point Equity Partners Fund V

in its formation of an open-ended private debt and special situations fund, and its continuous offering and separate annual investment series and automatic re-investment of distributions

An institutional investment manager in multiple fund formations, fund governance, investment and securities matters

The private equity investment, infrastructure and pension arms of an internationally diversified Canadian telecommunications company in multiple fund formations, fund governance, investment and securities matters

The investment arm of a Canadian university in multiple fund formations, fund governance, investment and securities matters

An institutional pension fund investment manager in multiple private fund investments, private credit, co-investments and direct investment transactions, and in compliance and securities matters

Fund Formation and Fund Investments

in its US$124-million unitranche term loan facility to Dominion Colour to finance the acquisition of LANSCO Colors

in the C$217-million senior secured financing provided to Investindustrial Group Holdings, the private equity acquiror of Jupiter Holding and Jacuzzi Brands 

as the joint lead arrangers (direct PE lenders) of the US$610-million syndicated credit facilities to finance Goldman Sachs MBD’s C$1.1-billion acquisition via plan of arrangement of People

as the lead arranger of the US$141.5-million syndicated credit facilities provided to Archimed funds for Archimed’s US$650-million acquisition of a Canadian health and wellness business 

as sole credit provider in Postmedia Network's $95.2 million issuance of first lien notes

in approximately C$1.25 billion of bilateral and club private debt financings for acquisitions, recapitalizations and refinancings of Canadian and US private companies and public issuers 

Private credit provider in connection with the issuance of $850 million second lien notes by Air Canada via private placement

Private credit providers in connection with the issuance by Neptune Acquisition of $150 million second lien notes via private placement used to fund Neptune's acquisition of Maxar Technologies, MDA GL Holdings and MDA Systems

Private credit provider in connection with the issuance by Maxar Technologies of US$150 million high yield notes via private placement

in more than C$1 billion of private debt financings to Canadian borrowers

Public pension funds with over C$100 billion under management as lenders in multiple private debt transactions

as a secured lender in the recapitalization of Cirque du Soleil Entertainment Group, resulting in the C$760-million sale of Cirque to its secured lenders

Private Credit

Experiences

All Industries

Energy

Food & Agribusiness

Infrastructure

Mining

Private Equity & Investment Funds

Property Development & Real Estate

Recognition

Band 2, Corporate/M&A 
Band 4, Banking & Finance; Private Equity: Buyouts

Ranked, Corporate and M&A 
Ranked, Banking & Finance

Most Frequently Recommended, Corporate Commercial Law (Calgary) 
Consistently Recommended, Banking & Financial Institutions (Calgary); Corporate Commercial Law (Edmonton, Toronto) 
Repeatedly Recommended, Banking & Financial Institutions (Toronto); Corporate Commercial Law (Vancouver)

Lucas Stevens-Hall

Corporate Lawyer at Bennett Jones Toronto

Partner

Steve Balon

Corporate Commercial Lawyer at Bennett Jones Toronto

Associate

In recent years, family offices have evolved from indirect, secondary and/or background investors into highly active and influential players in the private equity space. In 2025, this shift is no longer a trend, it is a defining feature of the market with family offices at the forefront of new investment trends and strategies.

Family Offices Driving Change in PE

Family Offices Driving Change in Private Equity: Key Trends and Investment Structures

Jie (Kevin) Zhou

M&A, Private Equity and Corporate Lawyer at Bennett Jones Calgary

Data centers and the digital infrastructure that supports them have become the modern-day picks-and-shovels of the AI revolution. Private equity is capitalizing on the opportunities this creates with massive investments.

PE Investment in the Picks and Shovels

Private Equity Investment in the Picks-and-Shovels of the AI Infrastructure Boom

Andrew Bozzato

Corporate, M&A, Securities Lawyer at Bennett Jones Toronto

Oscar Crawford-Ritchie

With NATO members boosting defence spending to levels not seen since the Second World War, private equity and venture capital investment in the defence industry is rapidly increasing. This growth is driven by evolving geopolitical tensions, expanded definitions of defence technology, and supportive government policies fostering public-private partnerships across Western countries including Canada.

Private Equity and Venture Capital Investors Showing Renewed Interest in the Defence Industry

Mia Bacic

Corporate and Securities Lawyer at Bennett Jones Vancouver

Sarah Harper

James D. Beeby

Corporate Finance, M&A, Private Equity and Venture Capital Lawyer

The PE Briefing: Q2 2025 explores the private equity landscape amid global and Canadian uncertainty, highlighting challenges such as tariffs, geopolitical tensions and extended due diligence slowing deal-making. Despite these hurdles, opportunities exist in resilient sectors like IT, AI and clean energy, driven by long-term trends such as electrification and liquidity demands in secondary markets. The report emphasizes the importance of adaptability, with ESG and AI becoming integral to strategies and notes a slowdown in Canadian deal activity alongside a rise in corporate carve-outs globally. Staying informed and agile remains critical for navigating volatility and capitalizing on emerging opportunities.

The PE Briefing Q2 2025

The PE Briefing: Q2 2025

Global private secondary market transaction volume hit an all-time high of USD$160 billion in FY-2024, which is up 41% from 2023 and has surpassed projections. Private market secondaries have been gaining momentum due to the rapid innovation of products and structures. Secondaries are also adapting to market forces and the rise in global uncertainty.
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Private Equity Secondaries Adapting to Illiquidity and Risk

Private Equity Secondaries: Adapting to Illiquidity and Risk

Opportunities for private equity investment were front-and-centre at CVCA Invest Canada ’25 in Calgary from May 27-29. The event is Canada’s biggest showcase of PE and venture capital and Bennett Jones was a Platinum Sponsor of this year’s sold-out gathering.

Private Equity & Investment Funds

Overview

Key Contacts


Bennett Jones Private Equity & Investment Funds We advise private equity sponsors, investors, and funds on complex cross-border transactions, structuring, and value creation, delivering tailored strategies that maximize returns and manage risk. Key Contacts Gordon N. CameronPrincipal, Head of New York Office Curtis A. CusinatoVice Chair and Partner Matthew J. HuntPartner James T. McClaryPartner Elizabeth K. DylkePartner John M. MercuryExecutive Chair & Chair of the Board Jean TessierPartner Overview The Bennett Jones private equity group is a leader in Canada. Our clients include sophisticated financial sponsors who are looking to balance risk with expected return and who require tailored advice from the initiation of the investment phase through to exit. Bennett Jones represents all sides in private equity transactions, with particular depth on behalf of U.S. and domestic financial sponsors. We understand our clients live with the consequences of their acquisitions the moment the deal closes and we align ourselves with that mindset. Our practice is a collaborative and multidisciplinary effort that draws upon the firm's strengths in Mergers & Acquisitions, Capital Markets, and acquisition finance (Financial Institutions Group), along with subject matter expertise in domestic and cross-border issues relating to Tax, Anti-Trust/Competition, Environmental, Social and Governance (ESG), Employment & Benefits, Information Technology, Intellectual Property and International Trade. Key Contacts Gordon N. Cameron, Principal, Head of New York Office New York - United States • 212.680.4121 • camerong@bennettjones.com Curtis A. Cusinato, Vice Chair and Partner • Co-Head of Mergers & Acquisitions Practice Toronto • 416.777.5774 • cusinatoc@bennettjones.com Matthew J. Hunt, Partner • Co-Head of Private Equity Toronto • 416.777.7454 • huntm@bennettjones.com James T. McClary, Partner • Co-Head of Private Equity Calgary • 403.298.3651 • mcclaryj@bennettjones.com Elizabeth K. Dylke, Partner • Head of Investment Funds Vancouver • 604.891.5364 • dylkee@bennettjones.com John M. Mercury, Executive Chair & Chair of the Board Calgary • 403.298.4493 • mercuryj@bennettjones.com Jean Tessier, Partner Montréal • 514.985.4527 • tessierj@bennettjones.com