Canada: Fund Management/ REITs

Canadian private markets present unique opportunities and challenges for growth and exit strategies. This analysis examines five critical considerations that investors, fund managers, and portfolio companies must navigate when planning value creation and liquidity events in Canada's evolving private equity landscape.

The Canadian investment fund industry is regulated by, among other things, a number of National Instruments. The Investment Fund Rules Book, prepared by members of BLG's Investment Management Group, incorporates the most commonly used national instruments and policies affecting investment funds and their managers, and includes all amendments to the various National Instruments that came into force as of July 1, 2026. It does not reflect other amendments that have been proposed but are not yet in force on the date of publication.

GP stakes transactions—namely, minority investments by third-party investors in a private asset manager—were once viewed primarily as a founder liquidity tool. The market, however, has evolved well beyond that original story, with these transactions increasingly framed as strategic partnerships rather than mere financing events.

As impact investing continues to attract institutional attention, one enduring challenge is how to mobilize private capital toward strategies that involve higher perceived risk, longer time horizons, or complex impact...

Gestion mondiale d'actifs CI finalise l'acquisition des activités de fonds canadiens d'Invesco pour 27 milliards de dollars canadiens, portant ses actifs sous gestion à environ 175 milliards de dollars. Un partenariat stratégique à long terme permet à Invesco de continuer à gérer 61 fonds par le biais d'une entente de sous-conseils.

A co-investment is a direct investment opportunity presented by the sponsor (manager or general partner) of a private fund in which the investor may already be participating.

On January 22, 2026, the Canadian Securities Administrators (the "CSA") published a notice (the "Notice") adopting certain amendments to National Instrument 81‑101 – Mutual Fund Prospectus Disclosure...

For decades, mutual fund trailing commissions paid by mutual fund managers to licensed dealers — and by dealers to their agents — were generally treated as consideration for an exempt financial...

The Canada Revenue Agency (the "CRA") recently issued a GST/HST Interpretation Letter that introduces a significant policy change to the GST/HST treatment of trailing commissions (the "Proposed Policy Change").