Canadian investment funds raised $213 billion in 2023

Canadian investment funds raised more than $213 billion in 2023 according to a new analysis of the industry.

CPE Analytics’ first ever comprehensive investment fund fundraising report shows that there were 3,169 closings last year from 2,869 funds. Of these, 411 funds raised $500 million or more for an aggregate $174 billion or 82% of the total raised.

BlackRock Asset Management Canada led $1 billion+ mega fundraising with 7 funds for $33.8 billion. There were 31 funds overall with at least $1 billion raised including 7 Equity Funds that raised $31.3 billion, 11 Fixed Income Funds raised $19 billion, 7 Money Market Funds raised $13.7 billion, and 6 Balanced Funds raised $9.7 billion.

Around 21% of fundraising was at the other end of the scale with funds raising $1 million or less contributing $194 million to the overall total.

The leading Canadian investment fund type was equities, with 1,280 funds raising $83.6 billion with an average of $65 million per fund and $62 million per closing. Money market funds closed $22.6 billion through 57 funds with an average $396 million raised and $337 million per closing.

Ontario led the fundraising with 1,893 funds in aggregate raising $154.99 billion in total fundraising.

Quebec funds raised $36.35 billion while Manitoba, BC and Alberta based funds raised $8.08 billion, $7.53 billion, and $1.92 billion respectively.

Most of the money invested was from Canadian investors with $129 billion from Ontario, which accounted for 61% of the total fundraising, while investors from Quebec, Alberta, and Manitoba invested $44.73 billion, $15.20 billon, and $11.18 billion respectively.