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National Bank of Canada

North America, Alberta, Canada, Calgary

Description

National Bank of Canada, through its dedicated investment arm, National Bank Private Equity (NBPE), is a prominent institutional investor in the Canadian market. NBPE focuses on direct equity investments in private companies, distinguishing itself from traditional venture capital firms by primarily targeting established, medium-sized to large businesses rather than early-stage startups. Their investment strategy encompasses providing growth capital, facilitating management buyouts, and financing strategic acquisitions across various sectors, including technology, industrials, consumer goods, and healthcare. NBPE seeks out companies with proven business models, strong management teams, and significant growth potential, aiming to partner with founders and executives to accelerate value creation.

NBPE's approach is characterized by its long-term perspective and commitment to supporting the strategic objectives of its portfolio companies. They often take significant minority or majority stakes, providing not just capital but also strategic guidance and access to the broader National Bank ecosystem. With over C$2 billion in assets under management, NBPE has substantial financial capacity to execute significant transactions. Their typical investment size for a first cheque in a growth equity context generally ranges from C$5 million to C$50 million, though larger co-investments are also possible depending on the opportunity and syndication.

Since its inception, National Bank Private Equity has invested in over 100 companies, demonstrating a consistent and active presence in the Canadian private market. This extensive track record underscores their expertise in identifying and nurturing successful businesses across diverse industries. Their role extends beyond mere capital provision, often involving active participation on boards and providing operational support to help companies scale and achieve their next phase of growth. As a division of one of Canada's leading financial institutions, NBPE leverages deep market insights and a robust network to identify compelling investment opportunities and drive long-term value.

Investor Profile

National Bank of Canada has backed more than 45 startups, with 19 new investments in the last 12 months alone. The firm has led 12 rounds, about 27% of its total and boasts 42 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Debt Financing, Post Ipo Debt, Series A rounds (top funding stages).
  • Majority of deals are located in Canada, United States, Côte d'Ivoire.
  • Strong thematic focus on Energy, Renewable Energy, FinTech.
  • Led 8 rounds in the past year.
  • Typical check size: $3.6M – $36.5M.

Stage Focus

  • Debt Financing (40%)
  • Post Ipo Debt (31%)
  • Series A (9%)
  • Series Unknown (7%)
  • Series B (7%)
  • Pre Seed (2%)
  • Corporate Round (2%)
  • Private Equity (2%)

Country Focus

  • Canada (73%)
  • United States (22%)
  • Côte d'Ivoire (2%)
  • Spain (2%)

Industry Focus

  • Energy
  • Renewable Energy
  • Fintech
  • Financial Services
  • Software
  • Precious Metals
  • Analytics
  • Artificial Intelligence (Ai)
  • Solar
  • Health Care
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does National Bank of Canada frequently co-invest with?

First Citizens Bank
North America, North Carolina, United States, Raleigh
Co-Investments: 4
Royal Bank of Canada
North America, Ontario, Canada, Toronto
Co-Investments: 7
Scotiabank
North America, Ontario, Canada, Toronto
Co-Investments: 9
Real Ventures
North America, Quebec, Canada, Montréal
Co-Investments: 3
Bank of Montreal
North America, Ontario, Canada, Toronto
Co-Investments: 12
NAventures
North America, Quebec, Canada, Montréal
Co-Investments: 5
MUFG Bank
Asia, Tokyo, Japan, Tokyo
Co-Investments: 4
Bank of America
North America, North Carolina, United States, Charlotte
Co-Investments: 6
Toronto Dominion Bank Group
North America, Ontario, Canada, Toronto
Co-Investments: 8
CIBC
North America, Ontario, Canada, Toronto
Co-Investments: 9

Which angels does National Bank of Canada often collaborate with?

Danny Zhang
North America, California, United States, San Jose
Shared Deals: 1
Kevin Pan
Asia, Shanghai, China, Shanghai
Shared Deals: 1
Peter Aceto
North America, Ontario, Canada, Toronto
Shared Deals: 1

What are some of recent deals done by National Bank of Canada?

BlueWave

Boston, Massachusetts, United States

BlueWave is to protect our planet by transforming access to renewable energy.

EnergyEnergy StorageRenewable EnergySolar
Debt FinancingJul 30, 2025
Amount Raised: $247,000,000
Wesdome Gold Mines

Toronto, Ontario, Canada

Wesdome Gold Mines is a gold mining and exploration company.

MiningPrecious Metals
Post Ipo DebtJun 19, 2025
Amount Raised: $250,000,000
Dimension Energy

Atlanta, Georgia, United States

The Dimension Renewable Energy team has more than a decade of experience developing renewable energy projects around the world.

Energy
Debt FinancingJun 16, 2025
Amount Raised: $190,000,000
Greenpac Mill

Niagara Falls, New York, United States

Greenpac Mill is a new state-of-the-art Linerboard mill recognized for its high-tech equipment & sustainable manufacturing processes.

ManufacturingPackaging Services
Debt FinancingJun 13, 2025
Amount Raised: $250,000,000
Soltage

Jersey City, New Jersey, United States

Soltage is a full service renewable energy company that develops and operates solar energy stations.

EnergyRenewable EnergySolar
Debt FinancingJun 10, 2025
Amount Raised: $260,000,000
OR Royalties

Montreal, Quebec, Canada

OR Royalties is an intermediate precious metal royalty company that produces all types of precious metals.

Precious Metals
Post Ipo DebtJun 9, 2025
Amount Raised: $475,186,145
Ces Energy Solutions

Calgary, Alberta, Canada

Ces Energy Solutions is a oil and gas energy company located in Calgary.

EnergyOil and GasRenewable Energy
Post Ipo DebtApr 28, 2025
Amount Raised: $397,616,326
Triple Flag Precious Metals

Toronto, Ontario, Canada

Triple Flag operates as a streaming and royalty company that provides financing solutions to the mining industry.

Precious Metals
Post Ipo DebtApr 23, 2025
Amount Raised: $700,000,000
NeuPath Health

Mississauga, Ontario, Canada

NeuPath Health treats myofascial pain, neuropathic pain, diabetic neuropathic pain, and chronic headaches.

Health Care
Post Ipo DebtMar 27, 2025
Amount Raised: $9,464,864
Arevon

Scottsdale, Arizona, United States

Arevon is a leading renewable energy company, supplying clean, reliable, and cost-effective energy to utilities and businesses in the U.S.

Clean EnergyEnergy StorageRenewable EnergySolar
Debt FinancingMar 11, 2025
Amount Raised: $509,000,000