BDC Capital Shakes Up Leadership, Launches New Life Sciences fund
The Business Development Bank of Canada (BDC) is preparing to roll out more new direct investment vehicles as it continues to reshape it’s leadership team. A BDC spokesperson has confirmed to BetaKit that BDC’s investment arm, BDC Capital, is hiring a managing partner to lead a new life Sciences Fund, six years after spinning out its previous healthcare venture capital (VC) fund and creating Amplitude Ventures.
Nine months after BDC allocated $1 billion and an expanded mandate to growth-stage VC, managing partner Dominique Bélanger is out.
This is far from the only new project BDC has in the works. The Government of Canada-owned Crown corporation recently launched a $50-million search fund for women entrepreneurs, unveiled a $200-million second Industrial Innovation venture Fund, and committed $100 million worth of loans to rural entrepreneurs. BDC is also working to spin up its $100-million Black Entrepreneurs Fund (led by Jason Baibokas) as well as a $100-million Indigenous Entrepreneurship Fund. A job posting indicates BDC is still looking to find a managing director for the Indigenous fund.
These moves come as another senior leader has left an existing BDC Capital fund. Dominique Bélanger, managing partner of BDC Capital’s Growth Venture Fund, left in early November, nine months after the project received a nearly $1-billion injection and an expanded mandate.
Bélanger told BetaKit that he left BDC Capital on november 7. He said it was BDC’s decision and that the organization “desired a change of leadership” for the fund. An active job posting indicates that hiring is underway for Bélanger’s replacement.
“We are grateful for what [Bélanger] has accomplished during his time at BDC, and steps are currently underway to ensure a smooth transition,” a BDC spokesperson told BetaKit, describing the move as “a normal part of increasing operational efficiency and productivity.”
The spokesperson said BDC is launching its new Life Sciences fund in 2026. They noted that BDC is recruiting a managing partner to set the investment thesis and hire a team, and promised to share more details “in the coming months.”
Bélanger had been with BDC Capital for more than 15 years and led its Growth Venture Fund as 2017. During his time at the helm, Bélanger said he took it from an $80-million coinvestment pilot to a nearly $1-billion coinvestment and direct growth fund. “It is time for someone else
BDC Capital Launches New $150 Million Life Sciences Fund, Despite Recent Spinout
BDC capital is launching a new $150 million Life Sciences Fund, adding to its existing investments in the sector. This move comes just two years after spinning out Amplitude Healthcare Ventures, a fund it initially launched in 2013. Over two funds, Amplitude deployed $270 million into over 25 startups focused on precision medicine, biotech, and medical imaging. Its portfolio included Calgary’s Circle Cardiovascular Imaging and Vancouver’s Zymeworks.
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BDC Capital currently acts as a limited partner (LP) in Amplitude, and also other Canadian life sciences VC funds like CTI Life Sciences, genesys Capital, and Lumira.
Several Canadian VC sources expressed surprise to BetaKit regarding BDC’s decision to launch another life sciences fund so soon after the Amplitude spinout. They questioned the reasoning behind this, suggesting increased LP investment in existing Canadian funds might be more beneficial, especially given recent calls for more capital.
A BDC spokesperson explained to BetaKit that the new fund will target a different stage of development than its predecessor. The launch was informed by a third-party market gap analysis, and the fund will employ a “two-pronged, complementary approach” addressing unmet needs. BDC affirmed this fund will not affect its indirect investment commitments.
“A step in the right direction”
The Canadian Venture Capital & Private Equity association (CVCA) highlighted domestic life sciences VC investment as a strength in its Q3 report, noting nearly $1.07 billion deployed across 82 transactions this year. This puts 2025 on track to nearly match 2024’s total investment, and substantially surpass 2022 and 2023. However, this investment is concentrated in fewer, larger deals, including a $500-million secondary transaction by Vancouver-based Jane Software, a practice management software provider for health and wellness clinics.
In a LinkedIn post, Lumira Ventures’ Peter van der Velden stated that excluding Jane’s financing, “2025 is trending to be one of the worst years for new life sciences investment activity in a decade.”
Lumira Ventures’ Peter Van der Velden called BDC Capital’s new life sciences Fund “a