News Summary

The Business Development Bank of Canada (BDC) is undergoing significant changes as it reshapes its leadership and investment strategies. Dominique Bélanger, managing partner of BDC Capital’s Growth Venture Fund, has departed following a $1 billion allocation to the fund. This is part of a broader restructuring that includes the launch of a new Life Sciences Fund set for 2026. BDC is actively hiring a managing partner to define the investment focus and build a team for this fund, which aims to address gaps in the market not currently met by existing funds. The Life Sciences Fund will target early-stage investments in biotherapeutics, medical technology, and related innovations. This move comes as BDC closes its Intellectual Property-Backed Financing program and merges it with Growth and Transition Capital, while also laying off staff from its Deep Tech Venture Fund. Despite the recent spinout of its previous Healthcare Venture Fund into Amplitude Ventures, BDC’s new fund is seen as a strategic effort to bolster Canadian life sciences amid a challenging investment climate. Peter van der Velden of Lumira Ventures supports the initiative but stresses the need for more comprehensive funding to support Canadian life sciences companies. The Canadian Venture Capital & Private Equity Association reported $1.07 billion invested in life sciences this year, highlighting the sector’s strength despite fewer financing rounds.