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Matthew J. Hunt

Corporate Lawyer at Bennett Jones Toronto

Partner

Marshall Eidinger

Mergers and Acquisitions and Capital Markets Lawyer at Bennett Jones Toronto

Lisa Kakoske

Corporate and Securities Lawyer

As geopolitical tensions, particularly U.S. tariffs, reshape deal dynamics and investor sentiment, The PE Briefing: Q1 2025 from Bennett Jones provides an informed view on where smart capital is moving—and why. From infrastructure’s rising resilience to emerging consolidation trends and the evolving strategies of institutional investors, this briefing delivers actionable intelligence for fund managers, dealmakers, and LPs looking to stay ahead of risk and seize new opportunities in Canada’s dynamic market.

The Q1 2025 PE Briefing

The Canadian government has announced new measures in its <a rel="noopener noreferrer" href="https://www.budget.canada.ca/update-miseajour/2024/home-accueil-en.html?utm_campaign=fin-fin-update-miseajour-24-25&utm_medium=vanity-url&utm_source=canada-ca_fall-economic-statement" target="_blank">2024 Fall Economic Statement</a> to facilitate increased pension fund investment in the country’s venture capital (VC) sector. This includes a commitment of $1 billion to recapitalize the Venture Capital Catalyst Initiative (VCCI 2025) and a further $1 billion to support mid-cap growth companies.

Attracting Pension Fund Investment in Canadian Venture Capital

On August 29, 2023, the Alcohol and Gaming Commission of Ontario announced amendments to its Standards for Internet Gaming and released further guidance on its implementation on February 8, 2024. These amendments, which came into effect on February 28, 2024, are designed to strengthen consumer protection, with a focus on protecting youth and other potentially vulnerable groups.

Ontario iGaming New Amendments that Restrict Advertising and Marketing Activities

Ontario iGaming: New Amendments that Restrict Advertising and Marketing Activities

The Canadian Venture Capital Association released its annual look at the state of venture capital (VC) funding in Canada in their <a rel="noopener noreferrer" rel="noopener noreferrer" href="https://www.cvca.ca/research-insight/market-reports/year-end-2023-vc-pe-canadian-market-overview#:~:text=In%202023%2C%20Canadian%20VC%20witnessed,interest%20rates%20and%20economic%20uncertainties." target="_blank">2023 Market Overview</a>. The report provides a deep analysis of the country's market and insights on the latest VC trends and strategic shifts. So now that the numbers are in, what's hot and what's not in Canadian VC funding? Where is the money coming from and where is it going? And what should companies and investors be thinking about as they look ahead?

Whats Hot and Whats Not in Canadian Venture Capital Funding

What's Hot and What's Not in Canadian Venture Capital Funding

J. Sébastien A. Gittens

Intellectual Property and Technology Commercialization Lawyer at Bennett Jones Calgary

Partner, Trademark Agent

Stephen D. Burns

Technology Lawyer, Intellectual Property Lawyer at Bennett Jones Calgary

Matthew Flynn

Technology Transaction Lawyer at Bennett Jones Toronto

AI is rapidly integrating into enterprise workflows, yet vendor agreements often lag behind in safeguarding organizational risk. This article highlights the hidden hazards in standard AI terms and conditions, including data usage, IP ownership, liability limits and regulatory compliance gaps and outlines strategies to strengthen contractual oversight.

The Hidden Hazards of Vendor AI Terms and Conditions

"We signed what?!": The Hidden Hazards of Vendor AI Terms and Conditions

Luke Morrison

Energy Project Development, M&A, and Commercial Transaction Lawyer at Bennett Jones Calgary

Ashley M. White

Corporate, Commercial Transactions, Power & Energy Lawyer at Bennett Jones Calgary

Pamela Clark

Lawyer at Bennett Jones Calgary 

Associate 

The federal government has released a second wave of major projects recommended for expedited review by the Major Projects Office, with a focused shift toward critical minerals and energy development. The list includes strategic clean power, LNG, nickel, graphite, tungsten, and hydro initiatives across multiple provinces and territories. While the anticipated Alberta&ndash;BC pipeline was not included, the selected projects underscore Canada&rsquo;s intent to strengthen energy security, support Indigenous-led development, and accelerate investment in key resource sectors.

Second Wave of Fast Tracked Projects Unveiled including Critical Minerals and Energy Projects

Second Wave of Fast-Tracked Projects Unveiled including Critical Minerals and Energy Projects

Oliver Loxley

Corporate Lawyer at Bennett Jones Vancouver

Dom Sorbara

Banking & Financial Services Lawyer at Bennett Jones Toronto

In the context of corporate debt, 'liability management' refers to a company taking steps to manage its existing debt obligations. This often involves a combination of one or more open market repurchases, redemptions/repayments, consent solicitations, tender offers or exchange offers and may involve other transactions. A repurchase of debt from a holder is one of the most straight-forward examples of liability management.

Liability Management in Canada

Andrew Bozzato

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

Bishoy Attia

Articling Student at Bennett Jones in Toronto

Articling Student

Private investment in the defence sector is accelerating as governments realign policy priorities and expand support for dual-use and DefTech innovation. Canada&rsquo;s 2025 Budget and long-term spending commitments are reshaping the industry, driving new opportunities across AI, cyber, space, advanced manufacturing and critical infrastructure. With global capital flowing into defence technology and structural reforms underway to modernize procurement, the sector is rapidly transitioning from fragmented to fully investable.

Policy Dual Use and DefTech Drive a New Era for Private Capital in Defence

Policy, Dual-Use and DefTech Drive a New Era for Private Capital in Defence

Daron K. Naffin

Energy, Environmental/Regulatory and Expropriation Lawyer at Bennett Jones Calgary

Tim Myers

Regulatory, Environmental, Aboriginal and Expropriation Lawyer at Bennett Jones Calgary

Thomas Machell

Regulatory Lawyer at Bennett Jones Calgary

Associate

On November 4, 2025, the Alberta Energy Regulator released AERH2S, an updated version of its computer model for calculating Emergency Planning Zones (EPZs) for sour gas applications. AERH2S replaces the longstanding ERCBH2S model and is available for immediate use by industry. According to AER Bulletin 2025-34, the use of AERH2S will become mandatory for all applications filed under Directive 056: Energy Development Applications and Schedules, including amendment applications, starting January 1, 2026. The continued use of ERCBH2S is permitted for updates to existing EPZs (and any EPZs established before January 1, 2026) under Directive 071: Emergency Preparedness and Response until further notice.

How EVs Are Moving Energy Forward in Ontario

From the Same Authors