Canadian Business Growth Fund

What Canadian Business Growth Fund does

Canadian Business Growth Fund (CBGF) is a Toronto-based independent growth capital fund established in 2018 to address the mid-market patient capital gap in Canada. The fund is backed by $545 million in capital commitments from Canada's leading banks and insurance companies (BMO, CIBC, National Bank, RBC, Scotiabank, TD, Manulife, Sun Life, and others) and operates as a quasi-endorsed national vehicle created in response to a 2017 Advisory Council on Economic Growth recommendation. CBGF invests $5 million to $20 million for 10% to 40% minority equity stakes in profitable or near-profitable Canadian companies with $5M+ in annual revenue, avoiding both control-oriented buyout structures and high-burn venture bets. Investments are held in an evergreen fund structure that removes fixed fund-lifecycle exit pressure.

CBGF runs a single unified investment platform that pairs capital deployment with strategic advisory and access to a Talent Network of business operators, executives, advisors, and professional service firms. Since launch the fund has made 35+ investments across 10+ sectors, including Information Technology, Healthcare, Industrials, Consumer, Financial Services, and Business Services, with portfolio companies located in every Canadian province and select international co-investments (e.g., with UK's Business Growth Fund). Realized exits include Mobile Klinik (acquired by Telus, 2020), PayBright (acquired by Affirm for $340M CAD, 2021), Connected (acquired by Thoughtworks, 2022), and Liferaft (acquired by Securitas, 2026).

The fund generates revenue through management fees on its $545M committed capital base and carried interest on realized investment gains. CBGF is B Corp certified (June 2024), a signatory to ILPA and the Diversity in Action initiative, and was recognized as one of Canada's Most Admired Corporate Cultures in 2025. The fund is led by Co-Managing Partners Dale Tingley and Hai Tran-Viet, who assumed leadership in September 2024 succeeding founding CEO George Rossolatos; Dale Ponder serves as Chair of the Board.

Name

Canadian Business Growth Fund

Legal name

Canadian Business Growth Fund

Website

https://cbgf.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Canadian Business Growth Fund is a Toronto-based evergreen growth capital fund backed by $545 million from Canada's leading banks and insurers, providing $5M-$20M minority equity investments to profitable mid-market Canadian companies across 10+ sectors.

Ownership category

akta.pro rank

Product category

Growth Capital / Private Equity Investment

NAICS

Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

Geography-Focused Venture Capital (Regional/Emerging Markets) (FSANAAAE)

Keywords

• Minority growth capital
• Private equity investment
• Mid-market financing
• Patient capital funds
• Growth equity investing

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, Others

Revenue model

1. Management fees and carried interest: CBGF generates returns through management fees on its committed capital base and carried interest (performance fees) on realized investment gains from portfolio company exits. As an evergreen fund structure, it does not operate on a fixed fund lifecycle, allowing for longer holding periods and patient capital deployment.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels8 records

Core offering

CBGF is a Canadian growth capital fund that makes minority equity investments of $5 million to $20 million for 10%–40% stakes in profitable or near-profitable mid-market Canadian companies with at least $5M in annual revenue. Investments are paired with strategic advisory support and access to CBGF's Talent Network of executives, advisors, and professional service providers. The fund provides patient, long-term capital for growth, expansion, management buyouts, and succession transitions while allowing entrepreneurs to retain control of their businesses.

Product overview

Canadian Business Growth Fund operates as a single unified investment platform providing patient minority capital to mid-market Canadian businesses. The fund's core offering consists of minority equity investments ranging from $5 million to $20 million, delivered alongside strategic advisory support and access to an extensive talent network. CBGF takes 10% to 40% equity stakes in profitable or near-profitable companies with demonstrated growth trajectories, focusing on supporting entrepreneurial management teams through expansion and transition phases. The fund is supported by capital commitments of $545 million from Canada's leading banks and insurance companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Minority Equity Investment Patient, long-term minority equity capital of $5M–$20M for 10%–40% stakes in profitable or near-profitable mid-market Canadian companies with at least $5M in annual revenue, used to fund growth, expansion, management buyouts, and succession transitions. Investments can be structured as preferred shares, common shares, debt, or convertible instruments, with follow-on capital and secondary transaction participation available.
• Strategic Advisory Support Value-added partnership approach that imparts CBGF team's experience in business operations, strategy, investing, and corporate finance, providing portfolio companies with governance expertise and strategic guidance to navigate growth challenges and scaling opportunities.
• Talent Network Extensive network of seasoned business operators, executives, advisors, mentors, and professional service firms available to portfolio companies for board roles, mentoring, consulting engagements, and executive fill-ins, and to CBGF during due diligence.

Quantifiable outcome

• 35 investments made since 2018, with 4 realized exits (Mobile Klinik to Telus, PayBright to Affirm for $340M CAD, Connected to Thoughtworks, Liferaft to Securitas)

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Talent Network Members and Service ProviderscoreOthersCBGF maintains an extensive network of seasoned business operators, executives, advisors, mentors, and professional service firms. These individuals and firms can serve as board chairs, board members, advisors, mentors, or executive fill-ins for portfolio companies, and can advise CBGF during due diligence or post-investment support.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Others

• BDC Capital: Investment arm of Business Development Bank of Canada providing growth capital, venture capital, and subordinated debt to Canadian SMEs. Comparable to CBGF as another Canadian institutional capital provider to growth-stage companies, though BDC operates with broader debt/equity mix and government-backed mandate.
• Export Development Canada (EDC): Crown corporation providing financing, insurance, and investment support to Canadian exporters and growth companies. Comparable to CBGF as another Canadian government-supported capital provider to mid-market companies, though EDC primarily provides debt and trade finance rather than minority equity.

Direct peers

• Persistence Capital Partners: Canadian PE firm focused exclusively on growth and succession capital for Canadian mid-market companies, particularly in healthcare and consumer. Comparable to CBGF in offering minority/non-control capital to established Canadian businesses seeking growth partners.
• BGF (Business Growth Fund): UK-based minority growth equity investor backed by major British banks, providing £2M-£20M minority investments to UK growth-stage SMEs. CBGF was explicitly modeled on BGF and they have co-invested together (Appnovation, 2019), making them the most direct comparable peer globally.
• Novacap: One of Canada's largest independent PE firms, focused on middle-market control and non-control investments across diversified industries. Closely comparable to CBGF on Canadian mid-market focus and growth equity orientation, though typically larger cheque sizes and a mix of control/minority structures.
• Imperial Capital Group: Toronto-based merchant banking firm providing growth capital, succession financing, and strategic advisory to Canadian mid-market companies. Comparable to CBGF in mid-market Canadian growth equity focus and minority/minority-control transaction structures.
• Lyceum Capital: UK-based growth equity firm providing minority and majority capital to UK mid-market companies in B2B services and consumer. Comparable to CBGF in growth equity model, minority/majority flexibility, and mid-market focus, serving as another UK growth equity reference point.
• Ironbridge Equity Partners: Canadian mid-market PE firm focused on control and significant minority investments in Canadian businesses. Comparable to CBGF on Canadian mid-market focus, growth capital orientation, and deal size range ($5M-$50M+).

Broad incumbents

• Onex Corporation: Toronto-headquartered PE firm managing ~$50B in AUM across multiple strategies including mid-market, large-cap, and credit. Comparable to CBGF on Canadian PE market participation but operates at substantially larger scale and primarily through control buyouts rather than minority equity.
• OMERS Growth Equity: Growth equity arm of OMERS pension plan making minority and significant minority investments in high-growth companies globally. Comparable to CBGF in growth equity orientation and minority equity mandate, though typically larger cheque sizes and broader geographic scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cbgfinvestments
• YouTubeyoutube.com/channel/UCRe-K8xUG4JsuCihTHQ8Tbw
• LinkedInlinkedin.com/company/cbgf

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Funding overview

Funding rounds

Investors

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

M&A

Investments42 records

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

Frequently asked questions about Canadian Business Growth Fund