On February 25, 2026, Novacap, a Montreal-based private equity firm, announced the final close of its Tech Fund VII at nearly US$3.8 billion (approximately C$5.21 billion), significantly surpassing its initial target of US$2.75 billion (approximately C$3.77 billion). This makes Tech Fund VII the largest technology-focused fund ever raised by a Canadian manager, more than double the size of its predecessor, Tech Fund VI. The fund attracted strong interest from global institutional investors, including pension funds, sovereign wealth funds, endowments, and family offices across North America, Europe, and the Middle East.

Tech Fund VII will continue Novacap's strategy of investing in technology-enabled services companies across North America, with a focus on sectors such as IT infrastructure services, software, and healthcare IT. The fund has already made notable investments, including the acquisition of IAS Networks, a managed connectivity provider, valued at US$1.9 billion (approximately C$2.60 billion), and Eddyfi Technologies, a leader in advanced non-destructive testing, at an enterprise value of US$1.45 billion (approximately C$1.99 billion). With this closing, Novacap's assets under management now exceed US$12 billion (approximately C$16.44 billion).