In 2024, Canada’s private equity market saw increased deal activity, with 599 transactions totaling C$42.2 billion, buoyed by declining interest rates. However, mid-market deals dropped. U.S. tariffs influenced PE strategies, leading firms to invest in less vulnerable sectors. Canada’s AI investment saw growth amid regulatory changes, while PE dominated take-private transactions, particularly in tech. Fundraising faced challenges, with private wealth investors emerging as key capital sources. New competition laws introduced stricter merger controls, and PE firms are adapting to broaden investor bases, including retail investors. Ethical practices are emphasized with new legislation against forced labour in supply chains.