Fund Structures in Canada’s Midmarket: What’s New and What’s Coming

In episode 155 of Views from the Market, Jeffrey Elliott, a partner in Stikeman Elliott’s funds and securities regulatory practice, joins me to discuss the evolution of private equity fund structures in Canada. While the classic single-fund structure and traditional “2 and 20” model are still intact, sponsors are increasingly using more complex arrangements, including co-investment vehicles, GP-led secondaries, open-ended or long-duration funds, and continuation vehicles in which an asset is rolled over to a new investor base. The discussion explores the growth of midmarket fund formation in Canada, including funds of search funds and emerging “holdco” structures that resemble fund vehicles but focus on narrower strategies. Looking ahead, Jeffrey expects continued growth in long-term hold strategies and increased secondary market activity as investor liquidity needs evolve. Listen and subscribe on SoundCloud, Spotify, Apple Podcasts, and YouTube: https://se.law/4rfZ8Hk