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Annual Report 2025-2026: Investing in Solutions (Alberta Enterprise Corporation)

ReportAlberta Enterprise CorporationJune 202672 pages108 min readOriginal source
Key number
1,644 million $
Cumulative VC Investment into Alberta Companies p.4
What changed
277.7 million $
Portfolio Investments Fair Value p.42
Largest segment
6 billion $
Total Access to Investment Capital Leveraged p.4

Summary

  • Since inception, Alberta Enterprise Corporation (AEC) has committed $434.8 million to 41 venture capital funds, creating access to $6 billion in investment capital (13.7:1 leverage).p.4
  • Every $1 invested by AEC in venture capital funds has generated $5.13 in investments into Alberta technology companies.p.4
  • AEC funds and syndicate partners have deployed a cumulative $1,644 million across 106 Alberta technology companies.p.4
  • Portfolio companies funded by AEC venture capital partners have created more than 3,650 direct jobs and an estimated 17,600 indirect jobs in Alberta.p.5
  • AEC's fund portfolio has generated over $133 million in cumulative cash distributions with an overall investment portfolio fair value of $277.7 million and a Total Value to Paid-In capital (TVPI) of 1.26x.p.6
  • Cumulative cash distributions of $133.2 million represent 3.88x AEC's total operational expenses of $34.3 million since inception.p.6
  • Over the past 10 years, Alberta has achieved a 15% compounded annual growth rate in venture capital deal count, compared to 0.6% across Canada.p.4

Key insights

  1. 1. Alberta venture capital investment deal count grew at a 10-year compounded annual growth rate of 15%, significantly outpacing Canada's national average of 0.6%.p.4
  2. 2. AEC has leveraged its $434.8 million in fund commitments into $6 billion in total accessible investment capital for Alberta-based startups.p.4
  3. 3. The financial value of AEC's venture portfolio generated an annual net IRR of 5.30%, increasing to 7.73% when factoring in provincial income tax paid by direct jobs created.p.5
  4. 4. AEC's venture capital fund portfolio has delivered $133.2 million in cash distributions back to the corporation since inception, returning over 41% of invested capital.p.29
  5. 5. In fiscal year 2025/26, five new fund investments were approved and one (Mistral Fund IV LP) legally closed, bringing the total number of AEC-supported investment professionals in Alberta to 36.p.26
  6. 6. A difficult macroeconomic environment with depressed M&A and IPO exit markets lengthened the holding periods of venture capital funds and constrained LP distributions across North America.p.11
  7. 7. Total portfolio fair value reached $277.7 million as of March 31, 2026, generating $19.4 million in net remeasurement gains during the fiscal year.p.42
  8. 8. The Government of Alberta's Alberta Technology and Innovation Strategy (ATIS) 2.0 plans to recapitalize AEC and expand its mandate to include direct co-investments alongside venture capital funds.p.44

Topics and entities

Deep tech investmentPrivate marketsPublic funding and grantsStartup ecosystemsStartup fundingVenture capitalAccelerate FundsAlberta Enterprise CorporationCanadian Venture Capital and Private Equity AssociationGovernment of AlbertaInovia CapitalMistral Venture PartnersVenture Capital Association of Alberta

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