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Friday, July 4, 
11:11 pm

CVCA Annual Meeting

A bumper crop of Canadian buyouts

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Canada's buyout industry reported a record year in 2007, and it wasn't just because of the $46.8 billion buyout of BCE Inc. The Canadian Venture Capital Association said Tuesday the country logged 180 private equity transactions with a total value of $65.5 billion -- dominated, of course, by the Ontario Teachers Pension Fund-led buyout of the parent of Bell Canada, which is due to close in April. But CVCA president Rick Nathan said that even if you strip out the BCE deal, the value and number of buyouts set a record in 2007....

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CVCA Annual Meeting: Bad news for VC, good news for PE

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Things are still looking grim for Canadian venture capital and fantastic for Canadian private equity. According to figures released Tuesday by Thomson Financial and the Canadian Venture Capital Association, the median cumulative internal rate of return since inception for Canadian VC funds was negative 2.8% as of Dec. 31, 2006 — the same level as 2005. Canadian VC specialists attribute the weak performance to the small size of Canadian VC funds and the fact that so many were formed at the top of the market in the late 1990s. Gilles Durufle, a consultant who has studied Canadian VCs, said in...

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CVCA Annual Meeting: KKR dials in on BCE

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Henry Kravis Tuesday stepped away from any questions about Kohlberg Kravis Roberts & Co.’s bid for Canadian telecom giant BCE Inc., except to remind his audience that KKR would be at most a minority partner in any buyout. In a keynote address to the Canadian Venture Capital Association annual meeting in Halifax, Nova Scotia, Kravis declined to say much about his company’s bid for Montreal-based BCE, which it is making through a consortium that includes Canada Pension Plan Investment Board and Montreal-based pension fund Caisse de Dépôt et Placement du Québec. Canadian laws restrict the foreign ownership of a...

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Securing Canada's financial borders

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The theme of the Canadian Venture Capital Association’s 2007 conference, which takes place this week in Halifax, N.S., is ``Capital Without Borders.’’ But it’s taking place as some Canadians want the country’s borders strengthened against the inflow of foreign capital. The Opposition Liberal Party in Ottawa on Monday called for the government to delay approval for any corporate takeovers by foreigners for three months while considering changes to foreign investment rules. The statement came a day after the polling agency Ipsos Reid released the results of a poll showing 56% of respondents believe foreign ownership is a real problem in...

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