Know What's Happening in Venture Capital

Is BDC Too Big to Change?

In 2022 the Canadian government commissioned a report asking venture capital firms for candid feedback on the Business Development Bank of Canada (BDC). The report, which highlighted concerns about BDC’s size, dual mandate, and recent turnover, was never publicized or acted upon. VCs urged BDC to focus on supporting emerging managers and avoid competing directly with the private sector. Meanwhile BDC is planning new funds and entering defence technology, even as its direct‑investment portfolio lost $156 million in fiscal 2025.