What Clairvest Group does

Clairvest Group Inc. is a Toronto-based, publicly listed private equity management firm (TSX: CVG) founded in 1987 by a group of successful entrepreneurs. The firm manages over $4.6 billion of capital across seven private equity funds (Clairvest Equity Partners I–VII), with Clairvest itself acting as the largest investor in each fund, co-investing alongside institutional limited partners. Fund VII was raised at US$1.2 billion (US$300 million from CVG and US$900 million from LPs). The firm targets minority or majority equity investments of $25 million to $100 million in owner-led middle-market companies with EBITDA between $10 million and $50 million, with an emphasis on long-term partnership rather than financial engineering.

Clairvest's investment strategy is sector-specialized, with deep concentration in Gaming (14 land-based gaming acquisitions including MGM Northfield Park, Wyoming Downs, Delaware Park, and The Nash Casino) and Environmental Services (Arrowhead Environmental Partners, Winters Bros. Waste Systems, Star Waste Systems, DTG Recycle). Other active verticals include Aerospace & Defense (Top Aces), Healthcare (Mountain Land Physical Therapy, Bluetree Dental, Boca Biolistics), Technology Services (F12.net, Meriplex Communications), Renewable Energy (Also Energy, NovaSource), and Insurance Brokerage (Acera Insurance). To date the firm has completed 72 partnership investments and 50 realizations, with realized portfolio performance of 3.5x MOIC and 24% pooled IRR, including 3.4x MOIC and 38% IRR on the last 15 exits.

The firm's revenue model combines management fees on committed and invested capital (typical PE economics: 1.5-2% of AUM), carried interest on profitable realizations (typically 20% above an 8% hurdle), and direct co-investment returns from Clairvest's own capital deployed alongside fund LPs. Recent fiscal 2026 results showed $112 million in net income, $1.293 billion in total book value, and book value per share of $96.60 (up 10.5% year-over-year). Deal sourcing is proprietary and relationship-driven, relying on a 30+ year network of entrepreneurs, advisors, and co-investors rather than competitive auctions, and the senior investment team has worked together for over 20 years.

Name

Clairvest Group

Legal name

Clairvest Group Inc.

Website

http://clairvest.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

Clairvest Group is a Toronto-based, publicly listed private equity firm (TSX: CVG) managing over $4.6 billion across seven funds, partnering with experienced entrepreneurs in middle-market gaming, environmental services, aerospace, healthcare, and technology companies through $25-100 million equity investments.

Ownership category

akta.pro rank

Product category

Private Equity Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Private Equity Buyout Fund-of-Funds (FSANAGAD)

Keywords

• Private equity management
• Middle market investing
• Growth equity capital
• Fund management services
• Portfolio investment management

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Management fees charged on funds under management (Funds I-VII), with Clairvest investing its own capital alongside institutional LPs. Fund VII is US$1.2 billion with US$300 million from CVG and US$900 million from limited partners.
2. Carried Interest/Performance Fees: Clairvest earns carried interest on successful realizations from fund investments. Historical performance includes 3.5x multiple on invested capital across 50 exited investments, 24% pooled IRR, and 3.4x weighted average MOIC on last 15 exits with 38% IRR.
3. Co-investment Returns: Direct investment returns from Clairvest's own capital invested alongside fund investments. The firm is the largest investor in its own funds.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Clairvest Group is a private equity management firm that invests its own capital alongside institutional limited partners into owner-led middle-market companies through a series of seven funds (Clairvest Equity Partners I–VII). Typical equity investments range from $25 million to $100 million per portfolio company targeting businesses with $10–$50 million of EBITDA across gaming, environmental services, aerospace & defense, healthcare, and technology services sectors. The firm earns revenue through management fees, carried interest, and direct co-investment returns.

Product overview

Clairvest Group Inc. is a Toronto-based private equity management firm that provides growth equity and investment capital to middle-market companies. The firm does not offer a unified software product or platform; instead, it operates through a series of private equity funds (Clairvest Equity Partners I through VII) that invest alongside institutional investors in owner-led businesses across various industries including gaming, environmental services, healthcare, aerospace & defense, and technology services. The firm's investment strategy focuses on partnering with experienced entrepreneurs, providing capital and operational expertise to build strategically significant businesses. As a publicly listed company on the Toronto Stock Exchange (TSX: CVG), Clairvest manages over $4.6 billion of capital across its fund platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Clairvest Equity Partners I First private equity fund for middle-market company investments; $159 million capital pool fully owned by Clairvest Group Inc. For institutional investors and co-investors.
• Clairvest Equity Partners II Second private equity fund; $219 million capital pool with $55 million from Clairvest and $164 million from limited partners. For institutional investors.
• Clairvest Equity Partners III Third private equity fund; $300 million capital pool with $75 million from Clairvest and $225 million from limited partners. For institutional investors.
• Clairvest Equity Partners IV Fourth private equity fund; $467 million capital pool with $125 million from Clairvest and $342 million from limited partners. For institutional investors.
• Clairvest Equity Partners V Fifth private equity fund; $600 million capital pool with $180 million from Clairvest and $420 million from limited partners. For institutional investors.
• Clairvest Equity Partners VI Sixth private equity fund; US$850 million capital pool with US$230 million from Clairvest and US$620 million from limited partners. For institutional investors.
• Clairvest Equity Partners VII Seventh and latest private equity fund; US$1.2 billion capital pool with US$300 million from Clairvest and US$900 million from limited partners. For institutional investors.
• Middle-Market Growth Equity and Acquisition Financing Equity capital investments of $25–$100 million per portfolio company targeting owner-led businesses with $10–$50 million of EBITDA across gaming, environmental services, aerospace & defense, healthcare, and technology services. Provided alongside board-level strategic guidance and operational expertise for transformative acquisitions and growth.

Quantifiable outcome

• 3.5x capital growth across 50 exited investments
• +8 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered core and minor.

• RRC Gaming Management LLCcoreStrategic or Co-development Partner · 21 April 2026Clairvest partnered with RRC Gaming Management LLC to acquire MGM Northfield Park (April 2026) for US$546 million. This represents Clairvest's second partnership with RRC, a team of experienced gaming operators. Clairvest invested US$165 million for majority ownership, with CVG investing US$39 million.
• VICI Properties Inc.coreStrategic or Co-development Partner · 21 April 2026Following MGM Resorts' sale of Northfield Park operations to Clairvest, VICI Properties entered a new triple-net lease agreement with Clairvest for the real property. The Northfield Park Lease carries initial annual base rent of $53 million over a 25-year term with 2% annual escalation and three 10-year renewal options.
• Casella Waste Systems, Inc.minorChannel Partner/ Reseller/ Distributor · 1 April 2026Clairvest completed sale of Star Waste Systems to Casella Waste Systems for US$138.6 million (2.6x multiple). Clairvest received approximately US$38 million in proceeds. Star Waste had grown revenue 3.0x under Clairvest's partnership since July 2022.
• F12.net Shareholders and ManagementminorStrategic or Co-development Partner · 12 December 2025F12.net recapitalization included majority investment from a leading middle-market growth-oriented private equity firm and meaningful equity reinvestment from existing shareholders and executive team including Founder & CEO Alex Webb. Generated CAD$163 million in proceeds for Clairvest (4.6x multiple, 35% IRR).
• Navacord Corp.minorChannel Partner/ Reseller/ Distributor · 3 December 2025Clairvest exited Acera Insurance through sale to Navacord Corp. for C$407 million (3.0x multiple on invested capital). Acera was formed from merger of Rogers Insurance and CapriCMW sponsored by Clairvest in 2022.
• NCS EngineerscoreStrategic or Co-development Partner · 10 April 2025Clairvest invested in NCS Engineers to support its growth in water infrastructure solutions across the U.S. NCS provides mission-critical engineering services for water and wastewater projects in Arizona, Nevada, California, Texas, Maryland, and Virginia.
• ECL EntertainmentcoreStrategic or Co-development Partner · 17 May 2024Clairvest partnered with ECL Entertainment to acquire Wyoming Downs (May 2024), marking their second partnership in the Historical Horse Racing (HHR) sector. Wyoming Downs operates 19 OTB locations with over 1,100 gaming terminals. The partnership also includes development of The Nash Casino in New Hampshire, opened March 2025.

Scale indicators18 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Onex Corporation: Toronto-based publicly listed private equity firm (TSX: ONEX) that invests in middle-market businesses across North America with a focus on partnership-style investments — directly comparable as a fellow Canadian public PE firm pursuing similar middle-market strategies.
• TorQuest Partners: Toronto-based middle-market private equity firm that partners with management teams and operates across similar sectors (consumer, services, industrial). Directly comparable as a Canadian-focused middle-market PE buyer with a partnership model.
• Novacap Management: Quebec-based private equity firm investing in middle-market North American companies with a partnership model — closely comparable business model and target deal size (~$25-100M equity checks) to Clairvest.
• Trilogy Growth Capital / Trilogy Capital Partners: Canadian private equity firm focused on growth and minority/mid-market control investments, often partnering with founder-led businesses. Directly comparable in deal size and approach to entrepreneur-led investing.

Broad incumbents

• TPG Inc. Large publicly listed global alternative asset manager with extensive PE operations across North America and beyond. Broad incumbent peer operating in substantially the same middle-market PE category though at much greater scale.
• Bridgepoint Group: European-headquartered mid-market private equity firm with North American operations. Overlaps with Clairvest in deal size (€25M-€150M+) and middle-market focus, but on a much larger global footprint.
• Bridgepoint Group: European-headquartered mid-market private equity firm with global operations including North America. Comparable in target deal size and middle-market focus, though larger and broader in geographic reach.
• Welsh, Carson, Anderson & Stowe (WCAS): Established US private equity firm focused on healthcare and technology-enabled services with similar partnership approach. Comparable in minority/control investments in healthcare-services platforms, although with a more sector-focused strategy.

Emerging players

• Altamont Capital Partners: California-based private equity firm focused on control and structured minority investments in middle-market consumer/services businesses. Comparable in entrepreneur partnership approach and middle-market focus.

Regional players

• Mason Capital Management: US-based middle-market PE sponsor with selectively overlapping industrial/services portfolios. Comparable in middle-market check size and partnership model with management teams, though regional US focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/clairvest-group-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments36 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clairvest Group