Graham Winfrey

The Canadian mid-market firm will sell 50% of oil and gas services business Secunda Canada roughly 18 months after forming the company.

The Toronto-based firm led by managing partners Brent Belzberg (pictured) and Eric Berke launched its third fund in 2011 with a C$550m target.

TPG and Warburg Pincus are exiting the luxury retail company, which reportedly came close to being floated rather than sold.

The Toronto-based firm surpassed its $1bn target, closing the largest healthcare royalty private equity fund ever raised.

Since July, the firm has invested a combined $460m in renewable energy businesses in Chile and Brazil.

Private equity activity in Canada has fallen year-on-year while fundraising by Canadian managers has nearly doubled.

The Rohatyn Group will substantially expand its presence in emerging markets by acquiring Citi Venture Capital International, one of the bank’s few remaining in-house private equity divisions.

The $1.75bn exit comes following a terminated sale and scuttled refinancing for the candle retailer, which Madison Dearborn acquired in 2007.

Private equity activity in Canada has slowed down in 2013 – but the country’s GPs and LPs are still well-capitalised and actively targeting opportunities both at home and abroad.

Secondary sales of $1bn or more have essentially disappeared in 2013 – but a resurgence is expected before year end.