Letter From the Co-Managing Partners: Embracing Change

Dale Tingley and Hai Tran-Viet

CO-MANAGING PARTNERS

Dan Tingley
Hai Tran Viet
“Amid all this uncertainty, one constant stood out: the unyielding entrepreneurial spirit of our portfolio companies. Despite market and economic challenges, these businesses found ways to adapt, innovate, and persevere. For scaling companies, survival and success are not optional—they’re imperative. Throughout the year, CBGF remained steadfast in our commitment to support our portfolio companies, whether they faced challenges or exceeded expectations.”

“Amid all this uncertainty, one constant stood out: the unyielding entrepreneurial spirit of our portfolio companies. Despite market and economic challenges, these businesses found ways to adapt, innovate, and persevere. For scaling companies, survival and success are not optional—they’re imperative. Throughout the year, CBGF remained steadfast in our commitment to support our portfolio companies, whether they faced challenges or exceeded expectations.”

In life and business, change is not just inevitable—it’s essential for growth. At CBGF, we believe success comes from embracing change and responding with agility. How we and our partners navigate an evolving landscape is what determines great outcomes from good and regrettable ones.

Against that backdrop, 2024 was undeniably a year of transformation—for CBGF, the broader economy, and financial markets.

At CBGF, we marked a significant transition as our founding Partner and CEO, George Rossolatos, moved on to pursue his next big project. This transition ushered in a new chapter for our organization, as we stepped into the roles of Co-Managing Partners. We are deeply honoured to lead CBGF into its next phase of growth. With this change came an opportunity to rebuild our team, bringing in other talented individuals who are helping shape the future of CBGF.

In the economy, 2024 offered mixed signals. Interest rates and inflation began to ease, bringing early signs of optimism to the lending, equity, and M&A markets. Yet, companies remained cautious, delaying major spending on hiring, technology, or capital expenditures. While economic performance improved, it remains unclear whether this marks the start of sustained growth or a temporary reprieve in a longer trend of slower expansion.

Amid all this uncertainty, one constant stood out: the unyielding entrepreneurial spirit of our portfolio companies. Despite market and economic challenges, these businesses found ways to adapt, innovate, and persevere. For scaling companies, survival and success are not optional—they’re imperative. Throughout the year, CBGF remained steadfast in our commitment to support our portfolio companies, whether they faced challenges or exceeded expectations.

2024 also marked a unique period in our investment strategy. For the first time, CBGF did not add any new companies to its portfolio, despite the fact that CBGF still has significant capital available to support ambitious Canadian scale-ups.

While we evaluated many opportunities in 2024, like some of our private equity peers, we found that the risk/reward profile of new investments did not meet our standards, and we chose to remain disciplined. Instead, we doubled down on our existing portfolio, providing both value-added support and additional capital. Notably, we successfully exited our investment in PureFacts and invested $14.8 million into our portfolio companies. Our remaining portfolio businesses are now well-positioned to capitalize on future opportunities, whatever the macroeconomic environment may bring.

As we enter 2025, the horizon presents new uncertainties: changes in Canadian political leadership, shifts in the U.S. tariff regime, a weak Canadian dollar, and other unforeseen challenges that may arise. Whatever this year holds, CBGF and our portfolio companies are ready. We will adapt, recalibrate, and move closer to our goals. After six years of navigating volatility since we started CBGF in 2018, agility has become second nature.

The CBGF team is energized by the opportunities ahead and confident in the resilience of our partners, our team, and Canadian entrepreneurs. Our current investment pipeline is strong, and we are optimistic that 2025 will be a solid year for both new investments and our portfolio companies.

Here’s to another year of working together to not just survive, but to thrive, in the face of change. Your ongoing partnership is appreciated, and we are thankful for your continued support.

Sincerely,

Dale Tingley and Hai Tran-Viet

2024 Investment Summary

Note: All numbers are as at December 31, 2024

In 2024, CBGF deployed $14.8 million in capital, and completed 7 follow-on investments, supporting the long-term partnership we have created with our existing portfolio companies. CBGF also exited two portfolio companies, PureFacts and MaxSold, in 2024.

2024 Highlights

Note: Investment highlights below are between Jan 1, 2024 and Dec 31, 2024

JANUARY 2024

Q1 2024

  • Completed two follow-on investments
  • Exited its 5th portfolio company, MaxSold
maxsold logo

Q2 2024

  • Completed three follow-on investments

Q3 2024

  • Completed two follow-on investments
  • Exited its 6th portfolio company, PureFacts Financial Solutions
Purefacts logo
Purefacts logo
  • Announced the appointment of Dale Tingley and Hai Tran-Viet as Co-Managing Partners
  • Hosted its inaugural Portfolio CEO Dinner in Toronto

Q4 2024

  • Celebrated its new chapter with Dale and Hai at the helm by opening the market with the TMX Group

DECEMBER 2024

CBGF’s Impact Since Inception

Note: All numbers are as at December 31, 2024

CBGF has invested over $390 million since our inception. We have backed a total of 31 growing Canadian companies with headquarters in eight provinces. Our companies employ over 8,000 people globally, of which 7,072 are based in Canada. In addition, CBGF has exited six investments to date, allowing the Fund to reinvest its exit proceeds to support CBGF’s evergreen mandate.

In addition, CBGF has completed 48 follow-on transactions, continuing to support our portfolio companies with the capital and expertise needed along the way. Since our initial investments, our portfolio companies have created over 4,459 new jobs globally (65% total portfolio growth), with 3,606 of those jobs in Canada.

CBGF is continuing to make a positive impact on Canada’s economy, and we hope to continue this trend into 2025 and the years to come.

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Legend
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Satellite Office

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May 2019 to July 2020

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