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Investissement Québec invests C$45M in Norea Capital II, S.E.C.

Date Closed

December 20, 2023

Lead Office

Québec City

On February 1st, 2024, Investissement Québec announced its $45 million investment as limited partner in Norea Capital II, S.E.C. (the ‘‘Norea II’’). Norea II is a $300 million private equity fund managed by Norea Capital with investments by Investissement Québec, National Bank, Investissements Groupe Familles d'Affaires S.E.C., and other private investors. Norea II will enable owners of private mid-sized companies across the country in any industry to obtain funding for their projects related to succession, growth and acquisition, digital transformation, and energy transition.

Investissement Québec is an investment company that support businesses that want to expand into Quebec or open a Quebec subsidiary through organizing visits, financing, strategic alliances, and assistance in operating.

Norea Capital Inc., the fund manager, is a new private equity manager with over $550 million in assets under management that includes the former National Bank Private Investment team. Norea Capital now manages the former National Bank Private Investment team as well as the National Bank SME Growth Fund, L.P., renamed Norea Capital I, L.P., and the Coinvestissement Unimax, L.P. fund.

Investissements Groupe Familles d'Affaires S.E.C. is a group of business-owning families based in Montreal, active in Québec and elsewhere in Canada and abroad, that is joining Capital Norea II, L.P. as investors to support local companies that want to grow and achieve their full potential.

McCarthy Tétrault advised Investissement Québec with a team led by Mathieu Laflamme that included Alexandre Saulnier-Marceau, Isabelle Chouinard, Javeria Qureshi (Private Equity), Christian Meighen and Étienne C. Laplante (Tax).