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James T. McClary

Private Equity and M&A Lawyer at Bennett Jones Calgary

Partner

Elizabeth K. Dylke

Corporate and Private Funds Lawyer

Haifeng Hu

Partner at Bennett Jones Vancouver

The private equity industry went in a number of different directions in 2025. Global dealmaking value picked up in the second half of the year but the number of deals decreased. PE exits declined year-over-year, boosting growth in alternative strategies to generate liquidity. Investors remain committed to PE according to Preqin's latest investor survey, despite exercising greater caution in short-term commitments. Macroeconomic conditions improved markedly as the year went on, after a turbulent and unexpected start.
In this edition of the Bennett Jones PE Briefing, we look at the full-year data on private equity activity in Canada in 2025 as well as&nbsp;how 2025 unfolded and what to look for in the coming year;&nbsp;PE exit activity and what to expect in 2026; and&nbsp;trends in GP-stakes investing.

The Q4 2025 PE Briefing

2026 Outlook: Key PE Trends Set to Shape the Year Ahead

John M. Mercury

Executive Chair & Chair of the Board and M&A and Corporate Finance Lawyer at Bennett Jones 

Executive Chair & Chair of the Board

Ian C. Michael

Corporate Lawyer at Bennett Jones Toronto

John Mercury, James McClary, Bryan Haynes, Ian Michael, Kristopher Hanc and Drew Broughton write the Canadian chapter in Lexology's global guide on Getting the Deal Through—Private M&A 2023. They look at the key trends, opportunities, challenges and risks that strategic decision makers need to consider when investing in Canada.

Getting the Deal Through in Private M A in Canada

Getting the Deal Through in Private M&A in Canada

John Mercury, James McClary, Bryan Haynes, Ian Michael, Kristopher Hanc and Drew Broughton provide a comprehensive and up-to-date overview of private M&A in the Canada chapter of Getting the Deal Through—Private M&A 2022.

Getting the Deal Through Private M A in Canada 2021

Getting the Deal Through—Private M&A in Canada 2022

Bruce A. Hibbard

Public and Private Capital Markets, Investment Fund and M&A Lawyer at Bennett Jones Calgary

Partner 

J. Sébastien A. Gittens

Intellectual Property and Technology Commercialization Lawyer at Bennett Jones Calgary

Partner, Trademark Agent

On March 25, 2021, the Alberta Securities Commission (ASC) proposed two new prospectus exemptions to promote investment opportunities for small businesses in Alberta, and is seeking written submissions with respect to the proposed exemptions by May 7, 2021.

Alberta Securities Commission Proposes New Prospectus Exemptions for Small Business Seeks Comments

Alberta Securities Commission Proposes New Prospectus Exemptions for Small Business: Seeks Comments

Ahmed Elmallah

Intellectual Property Lawyer at Bennett Jones Edmonton

Counsel, Patent Agent, Trademark Agent

Edward (Ted) Yoo

Intellectual Property Lawyer and Canada/US Patent and Trademark Agent at Bennett Jones Edmonton

Partner, Patent Agent, Trademark Agent

Lorelei Graham

Food and Agribusiness Lawyer, IP Lawyer, Litigation Lawyer at Bennett Jones Toronto

How an AI system is commercialized and deployed also affects whether patent protection is appropriate. In many cases, the degree of control retained by the provider over the deployed system acts as a counterweight to other considerations that might otherwise favor trade secret protection.

AI Patents A Corporate Decision Tool IV

The Business Delivery Model

AI: Is Patenting Really the Right Move? - Factor IV

This article forms one part of a broader decision framework for evaluating whether patent or trade secret protection is appropriate for AI innovation.&nbsp;The framework is designed to help decision-makers (e.g., innovaters, in house, CTOs) align patent and IP strategy with underlying business realities and moving beyond purely "legal" considerations.&nbsp;
Within that framework, this article addresses a second decision factor: what is the realistic patent scope for the AI innovation?&nbsp;An AI patent with meaningful scope can block competitors from implementing commercially viable alternatives. Assessing enforceable scope therefore requires focusing on some of the following factors: (a) competitor blocking potential; (b) detectability of infringement; and (c) divided infringement.

AI Patents A Corporate Decision Tool II

The Enforceable Patent Scope

AI: Is Patenting Really the Right Move? - Factor II

Defensive blocking considers whether a patent can prevent others from patenting or controlling adjacent technical or commercial space. It matters for two main reasons: (i) to stop competitors from obtaining patents that could later restrict your ability to operate, and (ii) to provide leverage for counter-assertion if a competitor brings a patent claim against you.

AI Patents A Corporate Decision Tool VI

Competitor Defensive Positioning

AI: Is Patenting Really the Right Move? - Factor VI

Finally, and most importantly, patentable potential addresses whether the innovation is likely to satisfy the main requirements for patentability: novelty, non-obviousness and subject-matter requirements. This assessment is highly fact-specific and depends on the prior art landscape and how the invention is framed. Early analysis helps determine whether patent protection is realistic and worth pursuing.

AI Patents A Corporate Decision Tool VII

Patentability Potential & Layered Strategies

AI: Is Patenting Really the Right Move? - Factor VII

This article forms one part of a broader decision framework for evaluating whether patent or trade secret protection is appropriate for AI innovation. The framework is designed to help decision-makers (e.g., innovators, in house, CTOs) align patent and IP strategy with underlying business realities and moving beyond purely "legal" considerations.&nbsp;Reproducibility considers whether a competitor could realistically replicate the innovation by reviewing your public materials or otherwise by obtaining limited access to the system itself.

James McClary at Banff Venture Forum

From the Same Authors