Québec's Private Equity Market Overview Q4 2025 (Réseau Capital / CVCA)

Summary

• Private equity investments in Québec reached a record $32.2 billion across 357 transactions in 2025.p.4
• Québec accounted for 60% of total deal count and 56% of total capital invested across Canada in 2025.p.3
• Together, Québec and Ontario accounted for 99% of all private equity capital invested nationwide.p.4
• Capital invested in growth transactions increased by more than 99%, while buyout activity declined by 92% year-over-year.p.4
• In Q4 2025, total dollars invested dropped to $963 million across 77 transactions, representing a 93% decrease compared to Q3 2025.p.8
• Small-scale transactions of $5M or less accounted for 87% of all disclosed private equity deal count in the province.p.10

Key insights

1. Québec achieved its highest annual private equity investment level recorded since 2013, totaling $32.2 billion in 2025.p.4
2. The province maintained its market leadership in Canada, securing 60% of all private equity transactions and 56% of total capital.p.5
3. At $14 billion, the Garda World Security Corp. acquisition ranks as the largest private equity transaction recorded in Québec history.p.10
4. The Innergex Renewable Energy transaction at $10 billion stands as the largest cleantech transaction completed in 2025.p.11
5. The Industrial & Manufacturing sector led market activity with 127 deals totaling $2.8 billion in invested capital.p.5